Upmarket shirt maker TM Lewin goes bust again as workers continue to ditch their suits
TM Lewin collapsed into administration yesterday for the second time in two years – putting 100 jobs at risk.
The upmarket shirt maker appointed advisers after being unable to complete a payment to its lenders.
The business was devastated by Covid lockdowns and has since struggled with the ongoing shift away from formal wear.
Collapse: Upmarket shirt maker TM Lewin appointed advisers after being unable to complete a payment to its lenders
The brand was founded in 1898 and is popular among office workers, including in the City, and claims to have sold 70m shirts in its history.
Lewin was sold by buyout group Bain Capital to Torque Brands, a vehicle of private equity firm Stonebridge, in May 2020 in a £25million takeover.
But just a month after the deal was completed Torque plunged TM Lewin into administration with £16million of outstanding debt. Torque bought back the brand and continued to operate the business online.
It has now placed TM Lewin into administration again, appointing advisers Interpath Advisory.
Interpath will run the business and look for a buyer for TM Lewin’s brand and assets.