TM Lewin seeks interested buyers
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TM Lewin is reportedly in talks with potential buyers in light of the ongoing effects of the global pandemic.
According to Sky News, the London-based retailer is now up for sale just days after Oasis and Warehouse collapsed into administration.
Bain Capital, the private equity group that has backed TM Lewin through its debt investment arm, is now “keen to offload the business”. It initially bought the business for £100m in 2015.
According to reports, advisers to Bain Capital have now asked interested parties to submit offers for the company this week.
The auction of the shirtmaker business will be run by Alantra, a corporate finance firm.
TM Lewin had previously announced that it had furloughed 650 of its 700 staff under the government’s Coronavirus Job Retention Scheme, with remaining employees working in digital operations and supply chains.
Founded in 1898, the retailer currently trades from 66 UK sites and five Australian sites.
It is the latest in a host of high street fashion chains to fall victim to the effects of coronavirus, following the footsteps of Debenhams and Laura Ashley that have also collapsed into administration in recent weeks.
