An investment vehicle owned by Petra Group has reportedly reached a deal to acquire TM Lewin after it collapsed into administration for the second time last month.
Interpath Advisory had previously been appointed as administrators to the group after it collapsed into administration for the second time in two years, as trading continued to be impacted by the effects of the pandemic.
Last month, the menswear retailer confirmed that Will Wright and Chris Pole from Interpath Advisory had been appointed as the latest joint administrators to the group.
The retailer first appointed administrators in June 2020, however, citing the temporary closure of its stores in March of that year as one of the main reasons behind the collapse.
At the time, it was reported that the new owner of TM Lewin had called in a restructuring firm as it considered a pre-pack administration deal that could see the closure of a number of its stores.
Prior to the pandemic, the company had grown to operate more than 150 shops worldwide, but after the initial impact of Covid-19 and lockdown restrictions prompted the first insolvency process, it moved to an online-only model, trading exclusively in the UK from the summer of 2020 onwards.
Since then, trading continued to be negatively impacted by the impact of Covid-19 restrictions, according to Interpath Advisory. While social distancing measures were lifted in early 2022, the cumulative impact on its cashflow was “such that, after exploring options for the business, the decision was taken to place the company into administration”.
According to Sky, Petra is now said to be interested in “reviving” the brand’s high street presence, however, despite a shift to home-based working during the pandemic.
In a statement to Retail Sector, Will Wright, head of Restructuring at Interpath Advisory and joint administrator, has said: “Following a great deal of interest, we’re pleased to have achieved this sale which secures the future of this famous British retail brand.
“We understand the new owners will be relaunching the online trading platform over the coming weeks and, in the longer term, are considering the possibility of opening new high street stores. We wish them all the best for the future.”