2012 May 2
YGM Trading Buys Aquascutum Ltd.
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(NEW YORK) YGM Trading Limited is bailing out Aquascutum, the luxury British brand that collapsed into administration last month. The Hong Kong-based company, which has owned Aquascutum's Asian branch since 2009, has entered into exclusive talks with Aquascutum administrator FRP Advisory LLP to acquire “the ongoing business and assets” for an undisclosed sum.
"The joint administrators have been 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," said FRP joint administrator Geoff Rowley in a company statement. Rowley later added that over "70 interested parties" came forward. The deadline for bids ended on Friday, April 27.
In the meantime, FRP Advisory is conducting a search for a buyer to purchase Aquascutum's Corby factory, which closed April 19 and laid off 115 workers. The deal between YGM Trading and Aquascutum is set to close May 9.
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