Administrators seek buyers for Aquascutum Administrators seek buyers for Aquascutum | Australian Herald

Administrators seek buyers for Aquascutum Administrators seek buyers for Aquascutum

Australian Herald Tuesday 17th April, 2012

• Aquascutum slides into administration after sale of British fashion brand Jaeger

• 160-year-old British clothing retailer known to have dressed Winston Churchill

• Has continued to make 'significant losses' since 2009.

LONDON - Aquascutum, the 160-year-old British clothing retailer, has collapsed into administration, putting 250 jobs at the luxury clothing retailer that dressed Winston Churchill and the Queen Mother into jeopardy.

The business was bought by Jaeger's owner Harold Tillman and its chief executive Belinda Earl in 2009 but it continued to make "significant losses" despite their efforts to turn it around, according to administrators at FRP Advisory.

Joint administrator Geoff Rowley said, "We are conscious of the value of the Aquascutum brand and its long-standing heritage and because of this are keen to enter into early discussions with interested parties open to purchasing the business as soon as possible."

The company's slide into administration was predicted after Jaeger owner Tillman sold his majority stake in Jaeger Monday.

It is believed Tillman sold his 90 per cent stake in Jaeger and secured debt to private equity firm Better Capital, which is owned by British venture capitalist Jon Moulton, for 19.5 million.

The sale is believed to have been made to protect Jaeger from the fallout of Aquascutum's collapse.

Jaeger's operations were tied in with those of Aquascutum, which operates three high street stores - at Westfield White City, Canary Wharf and Windsor - and has a further 16 concessions, including at Harrods.

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