Aquascutum halves HQ workforce

Coat retailer Aquascutum has axed half of its headquarters-based workforce as part of a review of the retailer’s operations.

More than 30 jobs have been axed by the retailer according to reports by Drapers, with most of the affected roles said to have been made redundant, while other staff members have decided to leave the retailer and will not be replaced. Reports suggest that all head office departments have been affected by the cuts and that the review was still ongoing.

Managing director Philip Brassington is said to be set to remain with Aquascutum in a different role. Changes at the retailer come two years after it was acquired by Jining Ruyi Investment $117m (£89m).

According to recent results at Companies House, the retailer has seen turnover fall by 5% year-on-year to £12.5m, due to a store closure scheme. For the year ending March 2017, Aquascutum recorded an operating loss of £4.8m, an improvement on a £6.7m loss the year previous.