Harold Tillman’s luxury clothing business Aquascutum UK has today entered administration.
FRP Advisory has been confirmed as administrator to the business, which operates three high street stores at Westfield (White City), W12, Canary Wharf, E14, and in Windsor, Berkshire.
It has a further 16 concessions in Austin Reed, Selfridges, Harrods, House of Fraser, John Lewis and at Hoopers in Tunbridge Wells, as well as seven outlet stores, and 11 international concessions. It also has a factory in Corby, Northamptonshire.
Tillman and Belinda Earl bought the business in 2009, when it had announced losses of around £24m the previous year.
A spokeswoman for Aquascutum said: “During the next three years, Aquascutum’s shareholders invested heavily – circa £30m – in its turnaround. Likewise, the senior management team have worked tirelessly to develop and build the Aquascutum brand and offer. The challenging conditions in the UK, however, has unfortunately meant that the team have been unable to successfully turn the business around, which has ultimately resulted in its administration.”
Administrator Geoff Rowley added: “We will, of course, be conducting an urgent assessment of all stores and concessions.”
The company was put up for sale earlier this month, with Rothschild handling the disposal. YGM Trading and several private equity firms, including the Carlyle Group’s Asian operation, are thought to have expressed interest.
joanna.bourke@estatesgazette.com
