TM Lewin hires KPMG to find a a new investor

 
Kasmira Jefford
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TM LEWIN, the shirt-maker and tailor, has appointed accountancy firm KPMG to explore strategic options that could lead to a part or all of the business being sold.

The chain, which was founded 115 years ago on London’s Jermyn Street, is majority owned by chief executive Geoff Quinn and management after buying out the company in 2006.

Caird Capital, the private equity firm, also owns a minority shareholding of around 20 per cent but has long been speculated to be looking to exit the business.

Management are keen to retain a stake in the company and are understood to have hired advisers to help attract a new investor in the company.

The retailer, whose suits and shirts are popular with working professionals, has under 100 stores in the UK, and over 40 stores overseas in countries including Singapore, Australia and Malaysia, where it launched last year.

In the latest accounts filed for the year to 3 March 2012, TM Lewin reported an 18 per cent decline in profits to £12.1m on sales of £106.5m, up 6.1 per cent.

KPMG and TM Lewin declined to comment yesterday.