Fri, 18 Mar 2022 | ADMINISTRATION
A buyer is being sought for the business and assets of shirtmaker TM Lewin after it fell into administration for the second time in under two years. Will Wright and Chris Pole of Interpath Advisory have been appointed as joint administrators to the company.
Prior to the onset of COVID-19, TM Lewin was a leading men’s formalwear brand, operating more than 150 stores. However, the company fell into insolvency during the COVID-19 pandemic as demand for formal clothing plummeted due to widespread homeworking and the cancellation of most social events.
As a result, the company shut all of its stores and moved to an online-only trading model. However, the overall impact of the pandemic has had a continuing negative effect on the company’s cashflow and, after exploring options, it has once again been placed into administration.
Joint administrator Will Wright commented: “Over the course of the pandemic, men’s apparel – and formalwear in particular – has been one of the hardest hit parts of the retail sector, as work-from-home measures and restrictions on events meant demand for suits and formal tailoring waned."
“Unfortunately, and despite the Company undergoing a significant restructuring at the start of the pandemic which saw it move to an online model, the impact on this famous British brand has been severe. Our immediate priority is to explore options for the business, including a sale of the business and its assets.”
Founded in 1898 and quickly becoming an established tailoring business on the prestigious Jermyn Street, TM Lewin remains a company with a highly valuable brand. Reports have indicated that several major UK retailers, including Next and Marks & Spencer, could be interested in acquiring the company.
View the latest distressed UK businesses here.
An opportunity has arisen to acquire a European supermarket situated in a parade, excellent main road trading position, residential, office, and commercial area.
LEASEHOLD
Turnover of £17.75m with EBITDA of £1.9m. Gross margin in FY21 and FY22 consistently at over 20%. Has strong relationships with premium brands who are responsible shipping to the UK, insulting the company from the costs.
Supplies a variety of bathroom and spa items, including showers, whirlpool baths and saunas. The majority of these have been designed by the company. Sells a wealth of own-brand products, all manufactured in accordance with CE mark regulations. Cater...
LEASEHOLD
|
27
|
|
May
|
Fragrances retailer Bodycare exploring potential sale amid high street decline | BUSINESS SALE
High street fragrances retailer Bodycare has reportedly enga...
|
26
|
|
May
|
DCJ Group targeting more acquisitions after SM Commercial takeover | BUSINESS SALE
Insurance and risk management firm DCJ Group, a part of Glob...
|
25
|
|
May
|
Can pre-pack administrations still play a central part in restructuring UK businesses? | BUSINESS NEWS
Despite proving a popular option when it comes to business r...
Sign up to receive our acquisition alert emails to get your FREE guide
|
01
|
|
Jul
|
TM Lewin to close all UK stores in pre-pack administration | ADMINISTRATION
Shirtmaker TM Lewin will close all 66 of its UK stores as pa...
|
17
|
|
Apr
|
Menswear retailer TM Lewin put up for sale | BUSINESS SALE
Shirtmaker TM Lewin has been put up for sale by its owners B...
|
05
|
|
Jul
|
TM Lewin attaches price tag of £100m | BUSINESS SALE
Coller Capital is looking to set up an auction for the prest...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources