Huffpost UK uk

Aquascutum: Corby Factory Closed And 115 Jobs Cut After 'Significant Losses'

Posted: Updated:
Print Article
Aquascutum has been forced into administration after suffering huge losses
Aquascutum has been forced into administration after suffering huge losses

Aquascutum is to shut its factory in Corby - where the company has had a presence for more than 100 years - making 115 staff redundant.

The clothing retailer, which has dressed Winston Churchill and the Queen Mother, collapsed into administration on Tuesday after making "significant losses", despite efforts made by owner Harold Tillman to turn the company's fortunes around.

The closure of the Northamptonshire manufacturing site was "necessary" to stem losses and to protect the positions of the 135 remaining employees, administrator FRP Advisory said.

The company has no other manufacturing sites in the UK or abroad, but its three high street stores, at Westfield White City, Canary Wharf and Windsor, and a further 16 concessions, including one at Harrods, will continue to operate as normal.

A high level of interest has been received from potential purchasers, FRP Advisory said.

The Hong Kong-based owner of the brand in Asia is one company reportedly in discussions to buy the global rights.

YGM Trading, which bought the Asian brand rights in 2009 at the same time that Tillman bought the British side of the business, told the Financial Times the collapse gave it an opportunity to expand its ownership.

The administration and factory closure come after Tillman sold a majority stake and the secured debt of fellow fashion retailer Jaeger to Better Capital, a private equity firm owned by British venture capitalist Jon Moulton, for £19.5m.

Aquascutum was founded in 1851 by tailor John Emary. It was named after the Latin for water shield after it developed the first waterproof wool.

In its early days it was best known for a style of trenchcoat worn during the First World War.

Lady Thatcher has been pictured in the company's designs, as well as Humphrey Bogart and Cary Grant. Glamorous Hollywood stars such as Sophia Loren and Greta Garbo also favoured the British stalwart. Take a look at some of their classic shots below.

Also on The Huffington Post

of
Share
Tweet
Advertisement
Share this
close
Current Slide

Suggest a correction