TM Lewin is set to be relaunched online and could open new shops in the future, after being bought out of administration.
Existing lenders to the retailer have bought the TM Lewin business through their company, TM Lewin Shirtmaker Limited. This comes weeks after the company, known for its tailored menswear, went into administration last month for the second time in two years after being hit by the effect of Covid-19 lockdowns and restrictions.
Will Wright, head of restructuring at administrator Interpath Advisory, says: “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.”
Until 2020, T.M. Lewin – founded in 1898 by Thomas Mayes Lewin in partnership with Geoffrey James Lewin – operated on a multichannel model with more than 150 shops around the world. The retailer had previously moved to an online-only model following its administration in the summer of 2020 in the first wave of Covid-19 lockdowns and restrictions. However its business model and cashflow were hit hard by the cumulative effect of lockdowns and restrictions, pushing it into administration for a second time in March.
In March, Wright said that men’s clothing, and in particular formalwear, had been one of the hardest hit parts of the retail sector. Work-from-home guidance and restrictions on events meant that demand for sits and tailoring fell – with a severe effect on the brand. Now that restrictions are over, the new buyers will be hoping for demand to return to pre-Covid-19 levels.