TM Lewin in search for a buyer
Heritage men’s shirt specialist and suit maker TM Lewin is on the look-out for a new buyer as the coronavirus crisis threatens the future of another high street mainstay.
According to Sky News, Bain Capital, the private equity group, which has backed the menswear retailer through its debt investment arm since 2015, is keen to sell the retailer and has enlisted corporate finance firm Alantra to run the auction.
Interested parties have reportedly been asked to submit offers for TM Lewin this week.
The business was founded by Thomas Mayes Lewin on London’s Panton Street in 1898, before moving to Jermyn Street in 1903. It has 66 stores in the UK, and over 150 stores worldwide.
As the stores remain temporarily closed during the pandemic, and store staff – around 650 of its 700 staff – have been furloughed under the government’s Coronavirus Job Retention Scheme. TM Lewin is chaired by Beatrice Lafon and run by CEO Sven Gaede.
The chain is one of a number of fashion businesses to be searching for a buyer at the moment with Oasis and Warehouse in on-going talks with bidders, having been placed in administration yesterday, while footwear retailer Office is also on the market.