Aquascutum, the British luxury label, is being eyed by Harold Tillman, the fashion entrepreneur best known for taking upmarket retailer Jaeger from classic to cutting edge.

Clinching Aquascutum would see two clothiers steeped in rich British history united under Mr Tillman’s ownership. It would also be a fillip for Mr Tillman, who is chairman of the British Fashion Council, ahead of what is expected to be a bumper London Fashion Week.