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.
The Company supplies Marketing and Sales professionals, for both large corporate organisations and SMEs, with all their branded and promotional material needs from brochures, banners, and exhibition stands to branded pens, notebooks, power banks, and...
LEASEHOLD
A well-established and thriving grocery business, recently expanded into the neighbouring premises to accommodate a growing customer base. With increased assets and turnover, this popular store has become a cornerstone of the local community, offerin...
LEASEHOLD
A retailer that sources a wide range of vehicles and then sells them on to customers at discounted prices. The dealership specializes in high-performance, prestige and luxury cars, ranging from Audis and Range Rovers to high-calibre Porsches.
LEASEHOLD
12
|
Feb
|
TBG Furniture secures new PE backing from Blandford Capital | BUSINESS SALE
TBG Furniture has secured new private equity backing from Bl...
11
|
Feb
|
Kara Healthcare expands with landmark acquisition | BUSINESS SALE
Kara Healthcare has bought seven care homes as it continues ...
11
|
Feb
|
PE group Endless sells Karnova Food Group to US outfit OSI | BUSINESS SALE
Private equity group Endless has sold Karnova Food Group to ...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.