Despite this week’s encouraging fall in unemployment levels, it is clear the UK still has a long way to go towards economic recovery. The news that luxury clothing manufacturer Aquascutum has gone into administration is bad news for Northamptonshire, where over 100 workers have lost their jobs following the closure of the company’s industrial commercial property.
Aquascutum, which is Latin for water shield, was founded in 1851 and, shortly afterwards, patented the waterproof fabric on which the company’s success has been based. Aquascutum provided coats for officers in the Crimean War before launching domestic and fashion versions of their trademark trench coat.
This was popularized by the future King Edward V11, who became Aquascutum’s first royal client, and the company was granted a Royal Warrant in 1897. A women’s clothing line followed in 1900 providing capes and coats that became popular with members of the Suffragette movement.
During the 20th century, Aquascutum’s trench coats were worn by a host of aristocrats, British politicians and Hollywood actors. Among the famous names to have worn the coats are Sir Winston Churchill, Humphrey Bogart, Lauren Bacall, Sophia Lauren, Cary Grant and Michael Caine.
Until 1990 the company remained a family business, but since then, ownership has changed hands on a number of occasions. In 2009 it was acquired by Jaeger owner Harold Tillman after Aquascutum had made annual losses of £24 million under its previous owners, the Japanese trading house Renown.
Tillman and his business partner Belinda Earl recruited respected designer Joanna Sykes, and pledged to turn the company’s fortunes around with a £30 million cash injection. Last year their ambitions were given a boost when the Duchess of Cambridge was photographed wearing an Aquascutum scarf. Despite this, difficult trading conditions have led to this week’s announcement that Aquascutum has entered administration.
Geoff Rowley, of administrators FRP Advisory, is hopeful the company can be sold as a going concern. In a statement he said; “We are conscious of the value of the Aquascutum brand and its longstanding heritage, and because of this we are keen to enter into early discussions with interested parties open to purchasing the business as soon as possible.”
He also pledged to keep staff informed of developments.
However, this comes too late for the 115 staff who have already been made redundant with immediate effect, following the closure of Aquascutum’s sole manufacturing industrial property in Corby. The company also has three retail commercial properties in the UK, two in London and the other in Windsor. They also operate a number of concessions in commercial properties including Harrods.
The news of Aquascutum’s difficulties come in the same week the government has been promoting British manufacturing by drawing attention to events like the Make it in Great Britain exhibition, which takes place at the Science Museum during this summer’s London Olympic Games.
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