Charles Tyrwhitt places bid for rival TM Lewin
A number of bids have reportedly been placed for venerable shirtmaker TM Lewin with Charles Tyrwhitt believed to be one of the bidders.
Lewin, which was founded in 1898, was put up for sale only last month with interested parties asked to submit offers quickly as the effects of the coronavirus crisis really started to bite. Bain Capital has held a controlling stake in the label since 2015.
Charles Tyrwhitt, controlled by Nick Wheeler, is a major TM Lewin rival and Sky News, which reported the story, said it's unclear how committed Wheeler would be to retain the TM Lewin brand as a separate entity. None of the parties involved have commented however, so it looks like we won't know much more until a deal has been done. And of course, that deal could also be with another bidder whose name is unknown at the moment.
London-based TM Lewin trades from 66 shops in the UK and five in Australia. Its rival has a little over 40 shops in its domestic market and abroad.
TM Lewin's flagship is on London's Jermyn Street, the street known for its menswear shops and particularly for shirtmakers. But that shop is currently closed, as are its other locations, with 650 of its 700 staff currently on furlough under the UK government's Job Retention Scheme.
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