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.
This is a rare opportunity to acquire a versatile car sales garage with additional car wash and repair services in Bagshot, Surrey, featuring multiple income streams since its establishment in 2020.
LEASEHOLD
An established car dealership in Berkshire, positioned on a prominent main road, is now available for purchase, offering a prime opportunity for investment in a lucrative market.
LEASEHOLD
The business is well-established and offers its products and services across the region. The vendors now wish to retire, with the business representing an excellent acquisition for an existing operator within a similar sector or a new market entrant.
LEASEHOLD
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.