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Lloyds sells TM Lewin stake

Lender Lloyds Banking Group has agreed to sell its portfolio of 40 private equity investments including shirtmaker TM Lewin.

In the joint venture, called Cavendish Square Partners LP, private equity investor Collar Capital will hold a 70% stake with the remaining 30% owned by Lloyds.

The portfolio includes stakes in 40 companies including a 20% stake in TM Lewin. Its management team led by chief executive Geoff Quinn, own the remaining 80%.

TM Lewin chief executive Geoff Quinn told Drapers that the deal would not impact the business.

He said: “Nothing changes. Lloyds owns 20% of our equity which gives them a few feet at our board meetings. Operationally it doesn’t change anything.”

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