Business

TM Lewin mulls store closures

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The shirtmaker currently has 66 UK stores, and was sold in May by Bain Capital Credit to SCP Private Equity.

The Times has reported that SCP has appointed commercial property consultants Cedar Dean to inform landlords that store closures could be on the cards, unless discounts on rent can be agreed.

According to the newspaper, SCP want to continue operating “a handful of shops”, their location depending on the cooperation of landlords.

Tara O’Driscoll, director of communications at SCP said: “Stonebridge agreed a deal to acquire London-based retailer TM Lewin last month, through a special purpose acquisition vehicle, Torque Brands.

“Torque Brands acquired the brand as a going concern. Our specialist team is now working with the company to put processes and procedures in place that will safeguard the future of the business and help it adapt to the rapidly changing retail landscape.”

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