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The main lender to TM Lewin has struck a deal to buy the shirt-maker after it collapsed into insolvency for the second time in less than…

FASHION

TM Lewin lender PETRA to rescue brand from administration

8 April, 2022 | by Angela Beevers

The main lender to TM Lewin has struck a deal to buy the shirt-maker after it collapsed into insolvency for the second time in less than two years.

An investment vehicle owned by PETRA Group has reached agreement with TM Lewin’s administrators, Interpath Advisory, to acquire the prominent fashion brand.

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A deal could be announced before the weekend.

PETRA’s interest to acquire the business comes less than a month since it fell into administration, ending a disastrous spell under the ownership of Torque Brands, a company set up by Simba Sleep founder James Cox.

TM Lewin has enjoyed a popular following among City workers for decades, having been founded in 1898. The company, which claims to have sold more than 70m shirts during its 124-year history, closed all 66 of its physical shops as part of its last fight with insolvency, resulting in the loss of hundreds of jobs.

PETRA is said to be interested in reviving the brand’s high street presence despite the shift to home-based working during the pandemic.

Angela Beevers Director of Content & Events Strategy

Angela Beevers is Director of Content & Events Strategy at The Retail Bulletin, where she has worked since 2011. She leads the publication's news team and oversees its daily coverage of the UK retail sector, from breaking developments to the early-morning release of retailers' trading updates and financial results. Over more than 15 years at The Retail Bulletin, she has interviewed many of the industry's most innovative founders and leaders. She also shapes content for The Retail Bulletin's events and leads delegate engagement for its most high-profile events. Her areas of focus include: Retail news · Trading updates and financial results · Retail leadership · Industry events

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