TM Lewin, the renowned British fashion brand, is about to undergo a revival thanks to its lender’s parent company, Petra Group. The sale has been confirmed, and it is expected that the brand will soon make a strong comeback in the e-commerce arena. However, this transaction has not been without its fair share of tension between the new and previous owners.
TM Lewin was acquired by Petra Group’s unit, which had previously offered the business a significant funding facility of £205 million through its HWSIL Finance operation. The new owners have plans to relaunch TM Lewin as an online brand but are also considering the option of reopening physical stores on the high street.
Although several retailers, including those with multiple brands and direct competitors in TM Lewin’s sector, expressed interest in acquiring the brand, none were able to match Petra’s offer. The precise purchase price for the business has not been disclosed at this time.
However, it seems that the brand’s previous owner, Torque Brands, is unhappy with the sale. Torque’s shareholders claim that Petra deliberately hindered their attempts to provide additional capital to the business and knowingly acquired the rival brand Thomas Pink, which they were also eyeing for acquisition. A spokesperson for Torque alleged that this strategy was intentional, aimed at taking ownership of TM Lewin through a loan scheme, and stated that legal action will be pursued once investigations are complete.
In response to these accusations, TM Lewin’s new parent company has expressed its own concerns and is contemplating launching an investigation into the prior management of the business. They point to significant operating expenses as one of the key issues of concern.
The future of TM Lewin remains uncertain, but with its new owners taking charge, there is optimism for a successful relaunch of the brand in the e-commerce sphere. Additionally, the potential reopening of physical stores would be a positive development, allowing customers to personally experience the brand. Only time will reveal whether TM Lewin can reestablish its position in the fashion industry and regain the trust of its loyal customers.
Useful Links:
1. [TM Lewin Official Website](https://www.tmlewin.co.uk/)
2. [Petra Group’s Website](https://www.petragroup.com/)
