Hardy Amies fashions AIM float

HARDY Amies, the Savile Row couture house whose founder dressed the Queen for more than 50 years, is planning to float on the Alternative Investment Market next year.

Aussino, a Singapore-based fashion and homeware conglomerate yesterday finalised its acquisition of 19.5% of the company from Amies' owner - Luxury Brands Group - and Aussino chairman and chief executive Anthony Lim personally acquired a further 10.5% stake.

Around 1,500 'retail-based' individuals have also taken small stakes. According to chief executive Timothy Maltin the new company, called Hardy Amies Plc, currently quoted on Ofex, plans to move up to AIM next spring.

'We want to emulate what Burberry, Mulberry and Aquascutum have achieved,' said Maltin. 'We have the quality and far more heritage than many other fashion houses with our brand. Now we have the resources to set this in motion.'

As well as updating the couture side of the business, the firm will introduce ready-to-wear lines for men - including jeans - and women from next autumn.

Via licensing deals Maltin says the brand could eventually be rolled out into every area from perfumes to bed linens to wallpaper.

The refinancing follows a difficult time for the Hardy Amies name. It was subsumed into Luxury Brands, but a failure to revive the brand cost chief executive David Duncan Smith, brother of the deposed Conservative leader - his job last year.

Hardy Amies died earlier this year aged 93.