Aquascutum Saved By Hong Kong's Ygm?
British label Aquascutum has entered into an agreement with Hong Kong-based YGM Trading Limited to save help save the company.
Aquascutum has entered into an agreement with YGM Trading Limited to save the company.
The Hong Kong-based corporation - which already controls the brand's licenses in Asia - will acquire the business assets from May 9.
Geoff Rowley, joint administrator at insolvency specialists FRP, said: ''The joint administrators have been very encouraged by the significant interest shown in the business over the last two weeks and have chosen to proceed with the offer that delivers the best outcome for the creditors of Aquascutum.''
Negotiations are continuing to secure a buyer for Aquascutum's manufacturing plant in Northamptonshire.
The British label went into administration last month, and admitted the closure of the factory in the UK had to be done to halt continuing losses.
A spokesperson said: ''Whilst a difficult decision, it has been necessary in order to stem on-going losses for the business, and to protect the positions of the 135 remaining employees. We plan to provide appropriate assistance to all affected employees, including liaising with Jobcentre plus and helping with claims to the Redundancy Payments Service.
''All head office and retail operations across the UK and international high street, concession and outlet stores are operating as usual at present.''