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Aquascutum to close its manufacturing plant in Corby
20 Apr '12
2 min read
Aquascutum, the UK-based luxury clothing manufacturer and retailer, entered in to administration on April 17, with the appointment of Joint Administrators, Geoff Rowley and Phil Armstrong, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm.
A spokesperson for FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, said:
"Since being appointed as administrators to Aquascutum on Tuesday April 17 2012, we have conducted a detailed review of the company's financial position. Regrettably, it has been concluded that the company's manufacturing plant in Corby is not viable to continue to trade due to loss-making operations and a lack of funding. We have been forced to begin the shutdown process of the plant, with all 115 staff at the site made redundant with immediate effect.
"Whilst a difficult decision, it has been necessary in order to stem on-going losses for the business, and to protect the positions of the 135 remaining employees. We plan to provide appropriate assistance to all affected employees, including liaising with Jobcentre plus and helping with claims to the Redundancy Payments Service.
"All head office and retail operations across the UK and international high street, concession and outlet stores are operating as usual at present.
"We have received a high level of interest from potential purchasers from around the world, with our focus now upon progressing discussions for a sale of the Aquascutum brand and assets."
A spokesperson for FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, said:
"Since being appointed as administrators to Aquascutum on Tuesday April 17 2012, we have conducted a detailed review of the company's financial position. Regrettably, it has been concluded that the company's manufacturing plant in Corby is not viable to continue to trade due to loss-making operations and a lack of funding. We have been forced to begin the shutdown process of the plant, with all 115 staff at the site made redundant with immediate effect.
"Whilst a difficult decision, it has been necessary in order to stem on-going losses for the business, and to protect the positions of the 135 remaining employees. We plan to provide appropriate assistance to all affected employees, including liaising with Jobcentre plus and helping with claims to the Redundancy Payments Service.
"All head office and retail operations across the UK and international high street, concession and outlet stores are operating as usual at present.
"We have received a high level of interest from potential purchasers from around the world, with our focus now upon progressing discussions for a sale of the Aquascutum brand and assets."
FRP Advisory LLP
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