Tailoring brand TM Lewin bought out of administration

Formalwear brand TM Lewin has secured its second rescue deal in the span of two years, concluding a sale of the business and assets to TM Lewin Shirtmaker Limited, a company owned by its main lender Petra Group.

Following a series of pandemic-induced struggles, the company was forced to call in administrators early March 2022.

Its website subsequently shut down, displaying a message stating it was “undergoing maintenance”.

The Petra Group reached an agreement with TM Lewin’s administrators Interpath Advisory to acquire the heritage brand.

Potentially returning to the high street

In a release, Will Wright, head of restructuring at Interpath Advisory and joint administrator of TM Lewin, said: “Following a great deal of interest, we’re pleased to have achieved this sale which secures the future of this famous British retail brand.

“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.”

It marks the second time the formal menswear brand has had to be rescued from administration. In 2020, the label, which was founded over 120 years ago, was bought by SCP Private Equity after its first collapse.

In response, the company closed a string of stores throughout the UK and made around 600 staff redundant at the time, as reported by The Guardian.