TM Lewin warns of closing stores if rent deals are not offered
TM Lewin’s new owners have reportedly warned landlords that the majority of its stores will close if landlords do not offer promising rent cuts.
It has been less the a month since Private equity firm SCP Private bought the brand for an undisclosed price. The company has hired commercial property consultants from Cedar Dean to carry out the deals.
Advisers have reportedly said to landlords that TM Lewin would be placed into pre-pack administration unless large rent cuts can be agreed.
Furthermore, it has been reported that SCP intends on keeping hold of a group of stores and will decide on locations according to how negotiations with landlords plan out.
SCP acquired the brand from Bain Capital through its subsidiary acquisition vehicle Torque Brands, with the addition of including a collection of British brands.
SCP’s executive team includes Simber founder James Cox, Harrods previous managing director Paul Taylor and ex-Asda chief executive Allan Leighton.
The acquisition was led by corporate finance firm Alantra and took place nearly a month after TM Lewin asked for bidders to put their offers forward.
TM Lewin trades from 66 stores across the UK.
