Aquascutum in exclusive sale talks

The deadline for bids for Aquascutum was on 27 April

The administrators of luxury clothing brand Aquascutum have said they are in exclusive talks to sell the business.

They are talking to a subsidiary of the Hong Kong-listed YGM Trading, which already owns the Aquascutum brand throughout Asia.

The administrators say the firm has made an offer to acquire Aquascutum.

Separately, the administrators say they are continuing negotiations to sell the manufacturing plant at Corby in Northamptonshire.

The plant closed on 19 April with the loss of all 115 jobs.

No deadline has been set for offers to be made for the plant.

The administrators, FRP, said that they had entered negotiations to sell the rest of the business to YGM Trading after it made a financial commitment to the process.

YGM hopes to complete the deal by 9 May.