Last month Aquascutum announced that they had filed for administration but it looks like things aren't as bad as they had thought. Today WWD reports that Hong Kong-based company YGM have bought the failing company.

The company already own the intellectual property rights for the company and controls all of its Asian business but the new deal will mean that it was also take over the British section of the company too giving the company full control over the brand's distribution and manufacture. That doesn't mean that the brand is out of trying times. After all, the company continue to fail despite Harold Tilman and Belinda Earl investing an estimated £30 million in the company when they came on board in 2009 so it's going to need a miracle to help turn things around.