TM Lewin on verge of administration for second time in two years
Shirt maker TM Lewin has reportedly lined up advisors and is on the verge of collapsing into administration for the second time in two years.
Disgruntled lenders are planning to appoint Interpath Advisory to oversee the insolvency process for the firm, Sky News has learned. Founded in 1898, TM Lewin is a favourite for City Workers, but it has faced a turbulent period during the pandemic which saw stores close and hundreds of job cuts.
With the majority of its estate closed during lockdown TM Lewin struggled to pay rent and costs for its stores and fell into pre-pack administration putting some 66 physical stores at risk of permanent closure. Owners Torque Brands, which acquired the company in May 2020 for an undisclosed sum, struck a deal to buy back the company’s assets agreeing to close its physical stores and axing 600 job in the process.
According to sources Torque Capital has been unable to cover recent funding needs and administrators could be appointed as soon as this week.
The company’s downward spiral marks a stark turnaround from a decade earlier. In 2011 the retailer comprised 100 bustling stores which took annual revenues of over £100m.
An insider told Sky News that there is likely to be significant interest in acquiring the TM Lewin brand now that it has fallen into administration. The company claims to have sold over 70m shirts in its 120 year history.
Read more: Shirt and tie retailer TM Lewin ‘falls into administration’ with 600 jobs lost