Private equity firm SCP has acquired Men’s retailer TM Lewin from Bain Capital for an undisclosed sum.
TM Lewin currently has 66 stores in the UK with around 650 of its 700 members of staff placed on furlough. SCP has reportedly acquired the firm as a going concern and plans to maintain its current suppliers.
SCP, a specialist private equity investor, focused on the consumer sector, is headed up by managing partner, James Cox; who will also act as executive chairman of Torque Brands.
The SCP team includes ex-ASDA CEO Allan Leighton, who led their turnaround and subsequent £6.7bn sale to Walmart; Leighton has also sat on the boards of some of Britain’s best-known brands, including Selfridges & Co, Dyson, The Royal Mail, The Co-Operative Group, Lastminute.com, Wagamama and Entertainment One
Cox said: “There are significant headwinds against great retail businesses in the current environment – posing a very real threat to the sector’s future.
“We wholeheartedly believe that specialist vertical-specific British brands, such as T.M. Lewin, will continue to hold a premier position in the eyes of the global consumer, and look forward to the challenge of helping the company adapt to the rapidly changing retail landscape.”
He added: “Torque Brands has been set up by SCP to acquire a portfolio of complementary British Brands into one centralised shared services platform. It’s a big supporter of the power of brand Britain and is actively acquiring heritage homegrown talent which we see having a long and successful future.”
“This is an exciting time for the renowned shirt maker and marks the start of a new chapter in its long and illustrious 120-year history. We very much value the brand, and look forward to building on the great work done by the team to date.”