Blouse TM Lewin could return to the streets after being rescued from administration by his main lender, understood as Petra Group.
It is unclear whether the group’s 50 employees will continue under the bailout deal from TM Lewin, who called on administrators last month for the second time in less than two years.
The company, which operated 150 stores before the pandemic, has been an online-only business since taking office in June 2020. The group, which is best known for its shirts but also sells suits, knitwear, coats and accessories such as ties, became the victim of a shift towards more casual attire as working from home increased during Covid.
Thomas Mayes Lewin and Geoffrey James Lewin founded the company in Panton Street, London, in 1898, then moved to nearby Jermyn Street, the birthplace of English shirtmaking, in 1903.
The company supplied uniforms to the RAF and the British Army during the First World War and manufactured their shirts in Southend-on-Sea, Essex, until the late 1980s when it moved production overseas.
Will Wright, Head of Restructuring at Interpath Advisory and co-director of TM Lewin, said: “Following strong interest, we are delighted to have completed this sale which secures the future of this well-known British retail brand.
“We understand that the new owners will be re-launching the online trading platform over the next few weeks and, in the longer term, are considering the possibility of opening new high street stores.”
Formal clothing retailers have struggled during the pandemic, but there are signs of rejuvenation.
Moss Bros, which specializes in bespoke suits, announced this week that it plans to open 10 new stores, while clothing retailer Next credited the rise in suit sales for a better-than-expected performance during of the first months of the year.