Charles Tyrwhitt mulls TM Lewin takeover

Charles Tyrwhitt mulls TM Lewin takeover

TM Lewin, founded in 1989 on London’s Jermyn Street, trades from 66 stores in the UK and five in Australia.

Charles Tyrwhitt is reporting mulling a takeover of rival retailer TM Lewin after its owners put the business up for sale last month.

According to Sky News, Charles Tyrwhitt is among a number of parties which submitted offers this week for TM Lewin.

It’s not yet clear what Charles Tywhitt’s offer contains, including whether its founder Nick Wheeler would retain TM Lewin’s brand.

Last month news emerged that Bain Capital – the private equity group which has backed TM Lewin through its debt investment arm since 2015 – was keen to sell the heritage menswear retailer and enlisted corporate finance firm Alantra to run an auction.

TM Lewin, founded in 1989 on London’s Jermyn Street, trades from 66 stores in the UK and five in Australia.

Approximately 650 of its 700-strong staff have been furloughed under the UK government’s Coronavirus Job Retention Scheme, as the stores remain temporarily closed during the pandemic.

The 50 staff not furloughed are involved in TM Lewin’s digital operations and supply chain.

Rival Charles Tyrwhitt was established in 1986 and trades from just over 40 stores in the UK and internationally.

Neither TM Lewin nor Charles Tyrwhitt have commented on the latest news.

TM Lewin is not the first retailer to seek new funding through a sales process since the coronavirus crisis escalated in March.

Footwear retailer Office was also seeking a new owner urgently after it reportedly hired Alvarez & Marsal last month to run an accelerated sale process.

Meanwhile, Cath Kidston, Debenhams, Laura Ashley, Oasis and Warehouse Group and Brighthouse all called in administrators in the last month.

By Elias Jahshan -May 2, 2020

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