Will Wright and Chris Pole from Interpath Advisory have been appointed joint administrators to British online menswear retailer T.M. Lewin.
Founded over 120 years ago in London, T.M. Lewin is one of the UK’s most famous tailoring and menswear brands.
Prior to the pandemic, the Company had grown to operate more than 150 shops worldwide, but after the initial impact of COVID-19 and lockdown restrictions prompted it to enter an insolvency process, it moved to an online-only model trading exclusively in the UK in the summer of 2020.
Since then, trading has continued to be negatively impacted by the impact of COVID-19 restrictions, including ongoing work-from-home guidance and a restriction on large events and social gatherings. While social distancing measures were lifted in early 2022, the cumulative impact on the Company’s cashflow was such that, after exploring options for the business, the decision was taken to place the Company into administration.
Will Wright, head of Restructuring at Interpath Advisory and joint administrator, said: “Over the course of the pandemic, men’s apparel - and formalwear in particular – has been one of the hardest hit parts of the retail sector, as work-from-home measures and restrictions on events meant demand for suits and formal tailoring waned.
“Unfortunately, and despite the Company undergoing a significant restructuring at the start of the pandemic which saw it move to an online model, the impact on this famous British brand has been severe.
“Our immediate priority is to explore options for the business, including a sale of the business and its assets.”
Interested parties are invited to contact Gareth Shaw at Interpath Advisory via firstname.lastname@example.org