Updated Tuesday April 17, 2.03pm: Following reports this morning, Aquascutum has confirmed that it has entered administration today and has appointed joint administrators Geoff Rowley and Phil Armstrong - partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm - to oversee the process.

"We are conscious of the value of the Aquascutum brand and its long-standing heritage and because of this are keen to enter in to early discussions with interested parties open to purchasing the business as soon as possible," joint administrator Geoff Rowley said this afternoon. "We will of course be conducting an urgent assessment of all stores and concessions and look to communicate to staff and suppliers at the very earliest opportunity."

The directors made the decsion to begin administration proceedings following "significant losses" over the past year. Between its British stores and its UK-based manufacturing sites, Aquascutum employs 250 people in the UK.