The Financial Times today confirmed our report from last month that luxury retailer Aquascutum is on the brink of collapse.
Today’s paper suggests the business will be put into administration later today putting around 250 jobs on the line and leaving the future of the business hanging in the balance.
Jon Moulton’s Better Capital snapped up a 90% stake in sister-brand Jaeger yesterday to further strengthen the business against any contagion from the retailer’s difficulties.
Four weeks ago, Insolvency News exclusively reported that textiles group R Gledhill submitted a winding up petition for non-payment of invoices at Aquascutum.
Baxter Caulfield had been appointed to represent the petitioner in the case which has been set down to be heard at Leeds District Registry on 8 May 2012.
At the time, Jaeger and Aquascutum were both owned by a private company of which respected fashion entrepreneur Harold Peter Tillman CBE was a director.
Chief executive Belinda Earl resigned from her role as chief executive of Jaeger and Aquascutum for ‘health reasons’ just weeks before the winding up petition was brought.
Earl was previously chief executive of Debenhams and is thought to have remained a non-executive of the business.
In addition, recent reports had surfaced that a number of staff at Jaeger’s head office had been put into consultation for redundancy.
Aquascutum invented the first waterproof cloth back in 1853 and were the first to create the waterproof raincoat in the UK.