Aquascutum bought by company in Hong Kong YGM Trading is poised to buy British heritage brand Aquascutum after it went into administration last month. Hong Kong-based company YGM Trading is poised to save bankrupt British fashion brand Aquascutum according to WWD . The company, which also owns French company Guy Laroche, already owns the heritage label's intellectual property rights and controls its Asian business, and will sign a contract next week to take over the non-profitable British-owned section of the company, Aquascutum Ltd., giving YGM Trading full control of the brand's distribution and manufacture. Aquascutum goes into administration The company will be bought with the intention of expanding in the US and Europe and in the YGM's home market, where the brand name is still very strong. Though owners Harold Tillman, the British Fashion Council chairman and Belinda Earl, chief executive of Jaeger spent an estimated £30 million to secure the future of the company when they bought it in 2009, the 161-year-old brand went into administration on April 17 this year. Jaeger also ran into financial difficulties in April when Tillman sold a majority stake to investment group Better Capital.