Tim Dally To Become Aquascutum Ceo

Tim Dally has been confirmed as the new CEO of Aquascutum.

The British brand - which was sold last week to Hong Kong-based YGM Trading Limited after going into administration - will now be headed up by Dally and he says he can't wait to get to work.

He told Retail Week: ''Aquascutum has wonderful heritage and enormous global potential. I am excited by this opportunity to be at the helm of this iconic British brand.''

Last week, Aquascutum announced a deal with YGM Trading Limited - which already controls the brand's licenses in Asia - who have bought the brand and assets including UK stores, concessions and the head office, preserving 100 jobs.

Joint administrator Geoff Rowley said:''We are delighted to announce the sale of Aquascutum, safeguarding the jobs of over 100 employees and the presence of the iconic Aquascutum brand in the United Kingdom.

''We hope that under new ownership the Aquascutum brand and business will have the best opportunity of success and growth both in the UK and worldwide.''

Talks are continuing to secure a buyer for Aquascutum's manufacturing plant in Northamptonshire with administrators revealing they hope to arrange a deal within the next two weeks.

The British label went into administration last month, and admitted the closure of the factory in the UK had to be done to halt continuing losses.