TM Lewin lender PETRA to rescue brand from administration
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.
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.
