SHIRTMAKER TM Lewin has enlisted the help of an American private equity company to back a £100m management buyout of the business.
The retailer’s management team, led by chief executive Geoff Quinn, is understood to be close to striking a deal with Sankaty Advisors, an affiliate of Bain Capital, to buy the 20 per cent stake in the business held by Coller Capital. The investment firm inherited the stake after buying Lloyds Banking Group’s private equity operations in 2010.
Sankaty would take a minority stake while Quinn, who has worked for the retailer for over 35 years, is expected to keep majority ownership of the business, according to The Sunday Times.
The retailer, which was founded in 1898 on Jermyn Street in London’s Mayfair district, returned to profit last year, thanks in part to its move into Asia and Australia, where it has been tapping into demand for British-made brands.
TM Lewin is popular with hordes of City workers thanks to its non-iron shirts and affordable suits.
Last year it launched a new casual clothing collection and extending its womenswear ranges, which the company said helped boost trading.