Aquascutum sold to YGM Trading

Talks are continuing about the sale of the factory in Corby

Luxury clothing brand Aquascutum has been sold for £15m to a subsidiary of Hong Kong-listed YGM Trading, which already owns the brand in Asia.

Its administrators announced last week that they were in exclusive talks with YGM about the sale of the business.

They have sold the brand and assets including UK stores, concessions and the head office, preserving 100 jobs.

Talks are continuing about the sale of the factory in Corby and concessions in Spain and Canada.

The administrators said they hoped to reach a deal on the sale of the factory within the next two weeks.

"We are delighted to announce the sale of Aquascutum, safeguarding the jobs of over 100 employees and the presence of the iconic Aquascutum brand in the United Kingdom," said joint administrator Geoff Rowley.

"We hope that under new ownership the Aquascutum brand and business will have the best opportunity of success and growth both in the UK and worldwide."