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TM Lewin’s unsecured creditors owed £30.4m

Unsecured creditors have been left £30.4 million out of pocket from the pre-pack administration of TM Lewin that resulted in the closure of all of the…

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TM Lewin’s unsecured creditors owed £30.4m

3 February, 2022 | by Angela Beevers

Unsecured creditors have been left £30.4 million out of pocket from the pre-pack administration of TM Lewin that resulted in the closure of all of the shirt company’s shops.

TM Lewins’ unsecured creditors, include suppliers, employees and landlords.

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In June 2020, the British shirtmaker’s new private equity owner Torque Brands bought TM Lewin’s online business via a pre-pack administration.

Restructuring firm ReSolve had been brought in to assist with the deal.

TM Lewin’s 66 shops closed permanently.

The maximum prescribed part amount that can accumulate under the insolvency legislation is £600,000 in any one company.

In the report ReSolve said “it is not anticipated that there will be any distribution to unsecured creditors other than by way of the prescribed part distribution”.

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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