// TM Lewin secures its second rescue deal in the span of two years
// The Petra Group reached an agreement with TM Lewin’s administrators Interpath Advisory to acquire the heritage brand
TM Lewin has secured its second rescue deal in two years as it was sold to TM Lewin Shirtmaker Limited, a company owned by its main lender Petra Group.
The Petra Group reached an agreement with TM Lewin’s administrators Interpath Advisory to acquire the heritage British retailer.
The firm’s administrators said the new owners which had provided the business with a £205 million funding facility will be relaunching TM Lewin as an online brand but were “considering the possibility of opening new high street stores”.
However, a purchase price for the business wasn’t disclosed.
- TM Lewin lender PETRA to rescue brand from administration
- TM Lewin collapse: Does WFH mean RIP for the suit?
- Mike Ashley’s Frasers Group and M&S among big names sizing up TM Lewin
Last month, following a series of struggles amid Covid, the shirt maker was forced to call in administrators.
In a release, Will Wright, head of restructuring at Interpath Advisory and joint administrator of TM Lewin, 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.”
It marks the second time the retailer has had to be rescued from administration.
In 2020, the label, which was founded over 120 years ago, was bought by SCP Private Equity after its first collapse.