TM Lewin in £100m management buyout
TM Lewin, the UK-based specialist shirt retailer, is reported to be planning a £100 million management buyout.
CEO Geoff Quinn is leading a team of management in acquiring the 20 per cent stake currently held by Collier Capital, which acquired the interest after buying the Lloyds Banking Group private equity arm in 2010.
Quinn is working with Sankaty Advisors, an affiliate of Bain Capital.
TM Lewin bears the name of its founder Thomas Mayes Lewin, credited with inventing the front-buttoning shirt which today we know as the business shirt. The company was founded in 1898 with the first shop in Jermyn St at London’s St James.
In recent years it has struggled but expansion into Asia and Australia led by Quinn, a 35 year veteran of the business, has seen profitability restored.
According to reports in the UK Sunday Times, Sankaty would take a minority stake in the business which would be controlled by Quinn and his team.
The company launched a casual wear range last year and is expanding its womenswear offer.
It operates approximately 100 stores and concessions, the majority in the UK, and has concessions in department stores including House of Fraser in England and Myer in Australia.