The British fashion house Aquascutum has had great news
today, the Chinese based company YGM Trading situated in Hong Kong have come
into an exclusive agreement with FPR advisors (who specialises with companies
that are in distress) to obtain “the on-going business and assets” for an
undisclosed sum. If this goes without a hitch YGM Trading will acquire a
company that has been a British institute for over a century.
The FPR advisors have stated that the wheels have already been turning and that the exchange is prominent. A financial commitment has been obtained and that both parties (Aquascutum and YGM Trading) are focused on dealing with the legality of the process of transfer.
It was reported that an excess of 70 bids from around the world were made, however the deadline for bids had passed last Friday and the Hong Kong trading group seemed the likely pick as they also hold the licences for the Aquascutum brand in Asia. It must be said that the Brits did try their upmost to keep the heritage company in Britain. James Eden who runs the UK clothing manufacturer Cooper & Stollbrand whose business interest also includes the Private White VC menswear brand had made an offer but was extremely disappointed with the outcome, he said that he was “extremely disappointed” that Aquascutum would “no longer [be] under British ownership”.
The FPR advisors have stated that the wheels have already been turning and that the exchange is prominent. A financial commitment has been obtained and that both parties (Aquascutum and YGM Trading) are focused on dealing with the legality of the process of transfer.
It was reported that an excess of 70 bids from around the world were made, however the deadline for bids had passed last Friday and the Hong Kong trading group seemed the likely pick as they also hold the licences for the Aquascutum brand in Asia. It must be said that the Brits did try their upmost to keep the heritage company in Britain. James Eden who runs the UK clothing manufacturer Cooper & Stollbrand whose business interest also includes the Private White VC menswear brand had made an offer but was extremely disappointed with the outcome, he said that he was “extremely disappointed” that Aquascutum would “no longer [be] under British ownership”.
Our note: We are extremely happy that the company Aquascutum
will still be operating but at the same time we feel disappointed by the fact
that a company that is so British could not uphold itself within Britain and
also that it was not be protected by a British Governing body. As a British
based company we feel a bit apprehensive and angst-ridden when we had heard
news of trouble in the Aquascutum camp. Britain as a whole seems not to want to
help fashion houses stay afloat, we hear news from other countries that their
government help to thrive their heritage fashion houses and its quite
depressing to hear not of news of Britain’s governing body helping but more
disheartening that a fashion institute can go adrift overseas.
article
written by: www.frontpose.com
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