Historic tailor the latest economic victim

The 160-year-old retailer has become another victim of the tough economic environment.

Aquascutum collapsed into administration yesterday, jeopardising 250 jobs.

The business was bought by Jaeger’s owner Harold Tillman and its chief executive Belinda Earl in 2009 but it continued to make “significant losses” despite their efforts to turn it around, according to administrators at FRP Advisory.

Joint administrator Geoff Rowley said he hoped there were parties interested in holding talks about buying the business.

The administration comes after Mr Tillman sold a majority stake in Jaeger, whose operations were tied in with those of Aquascutum.

Aquascutum operates three high street stores – at Westfield White City, Canary Wharf and Windsor – and has a further 16 concessions. Aquascutum was founded in 1851 by tailor John Emary. It was named after the Latin for water shield, after the company developed the first waterproof wool.

The company’s clothes have been worn by Winston Churchill, the Queen Mother and Lady Thatcher. Mr Tillman and Ms Earl bought Aquascutum in 2009 from Japanese trading house Renown following a year in which it made losses of around £24m.

Over the last three years, shareholders invested around £30m in a turnaround plan.

A statement from Aquascutum said yesterday: “The senior management team have worked tirelessly to develop and build the Aquascutum brand.

“The challenging conditions in the UK, however, have unfortunately meant that the team have been unable to successfully turn the business around which has ultimately resulted in its administration.

“The board hopes that under FRP Advisory, the business will be disposed of successfully.”

Ms Earl stepped down from her job as chief executive of Jaeger and Aquascutum last month with health problems.

Mr Tillman made his fortune in the rag trade, starting his career in the 1960s with wholesaler Lincroft Kilgour, where he later rose to managing director before floating it on the London Stock Exchange. Although born in south London, he has family connections with Leeds.