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.
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