Finance News

TM Lewin could return to UK high street in rescue deal

Shirtmaker TM Lewin was able to return to the high street after being bailed out of administration by his main lender, reportedly Petra Group.

It’s not clear whether the group’s 50 employees will be retained under the bailout deal for TM Lewin, which called in administrators for the second time in less than two years last month.

The company, which had 150 stores before the pandemic, has been an online-only company since its founding in June 2020. a victim of a shift to more casual attire as home working increased during Covid.

Thomas Mayes Lewin and Geoffrey James Lewin founded the company in 1898 on Panton Street, London, then settled in 1903 on nearby Jermyn Street, home of the English shirt-making industry.

The company supplied the RAF and British Army with uniforms during the First World War and made its shirts in Southend-on-Sea, Essex, until the late 1980s when it moved production overseas.

Will Wright, Head of Restructuring at Interpath Advisory and co-manager of TM Lewin, said: “After much interest, we are delighted to have completed this sale that will secure the future of this renowned UK retail brand.

“We understand that the new owners will relaunch the online trading platform in the coming weeks and are considering the longer term possibility of opening new high street stores.”

Formal clothing stores have struggled during the pandemic, but there are signs of rejuvenation.