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TM Lewin in discussions over £100m sale

Shirt retailer TM Lewin is in discussions with advisers about selling in a deal that would value the business at £100m.

A reported in Sunday’s Independent, the 115-year-old company has held talks with advisory firms over the past month about selling the chain, which has traded from London’s Jermyn Street since the 19th century.

The group saw an 18.4% fall in profits to £12m over the year to March 2012. TM Lewin blamed the decline on the rising cost of cotton.

Geoff Quinn, chief executive of the shirt specialist, has a majority stake in the retailer, while the private equity firm Caird Capital owns a minority shareholding.

The news comes following a push in international expansion for the company which has extended its retail footprint to 95 stores in the UK and 42 overseas.

As reported by Drapers last month, the shirt retailer is in its second year of a five-year international plan, having already launched in Australia, the Czech Republic, Ghana, Indonesia, Malaysia and Singapore.

International director Mark Dunhill said that TM Lewin is planning to launch in India, Nigeria and the Philippines by the end of this year as part of an ambitious international strategy.

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