TM Lewin owner eyes Jaeger bid

The owner of menswear retailer TM Lewin is reportedly considering a bid for Phillip Day’s embattled retail brand Jaeger.

According to Sky News, Torque Brands, the investment vehicle formed by businessman James Cox, is one of a small number of businesses which have expressed interest in acquiring the brand.

Jaeger forms part of the wider Edinburgh Woollen Mill Group which also includes the Peacocks and Edinburgh Woollen Mill chains.

Torque acquired TM Lewin earlier this year in a solvent deal before putting it through administration and emerging as an online only business.

The news comes as Day’s EWM Group is thought to be on the brink of collapse after it appointed FRP Advisory as administrators to conduct a review of the business.

In an update, the group said it was “responding to the harsh trading conditions caused by the impact of the Covid-19 pandemic and a recent reduction in its credit insurance” and the review is part of a drive to “secure their future”.

The group filed a notice to appoint administrators with the High Court on 9 October which it said would give the business “necessary breathing space” while it assesses the various options available.

EWM said it had received a number of expressions of interest for various parts of the group and that they were being “assessed along with all other options”.

Sky reports that the latest news comes as Day attempts to retain control of Peacocks, with the help of capital injection from the US hedge fund Davidson Kempner. As such, it is also expected for Day to apply for an extension to its intention notice sometime this week.