TM Lewin bought out of second administration in two years
Shirtmaker TM Lewin could return to the high street after being rescued from disappearance for the second time in less than two years.
The brand will be taken over by Petra Group, its main lender, after reported interest from other buyers, including Marks & Spencer and Frasers Group.
Only 22 workers at TM Lewin will transfer over to the new owners when the deal is completed. It had 50 staff when it fell into administration last month.
“Following a great deal of interest, we’re pleased to have achieved this sale which secures the future of this famous British retail brand,” said Will Wright Head of Restructuring at administrator Interpath Advisory.
“We understand the new owners will be relaunching the online trading platform over the coming weeks and, in the longer term, are considering the possibility of opening new high street stores. We wish them all the best for the future.”
The business was placed into administration last month for the second time in two years.
After its first collapse in 2020 the business was bought by SCP Private Equity which added Co-operative Group chairman Allan Leighton to its team. The new owners soon had to make big decisions, just months after the purchase 600 staff were made redundant and the business’s 66 shops across the UK were closed.
Even the website shut down a few weeks ago with the second administration, but this will now come back soon, according to the statement released on Friday.
Founded in 1898 TM Lewin was a stalwart of the City of London, selling shirts to bankers and other office workers in the financial district. The business had struggled as the high street struggled, and its first administration came at the same time as thousands of jobs were being cut during lockdowns.