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Gloucestershire Business News

Owners put their shirt on new buyers

The owners of shirtmaker TM Lewin are in talks with potential buyers.

According to Sky News, private equity group Bain Capital is looking to offload the business it has backed since 2015.

It is believed interested parties have been asked to submit offers this week.

TM Lewin began in Jermyn Street, London's famed centre for tailors, in 1898 and are the official suppliers of formal wear to Gloucester Rugby.

The company's 66 shops in the UK, included one on the Promenade in Cheltenham, are closed with around 650 of its 700 staff placed on furlough.

The remaining staff are involved in the firm's digital operations and supply chain.

The chain becomes the latest retailer to hit financial difficulties as the impact of the coronavirus takes hold on the high street.

Debenhams, the Oasis and Warehouse Group and Cath Kidston have all gone into administration while the shoe retailer Office is also canvassing interest from potential buyers.

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