Former owner of TM Lewin sends legal threat to Petra

TM Lewin's former owner is threatening to take legal action against the company that rescued the shirtmaker from collapse.

One of the UK's best-known menswear and tailoring brand, TM Lewin, fell into administration in March 2022, for the second time in two years.

A lender, Petra, has since taken over the business. However, previous owner Torque Brands Holdings has alleged in a press release that the 124-year-old clothing brand was pushed into "premature administration".

Mr Holdings said that the lender, "failed to exercise good faith when addressing certain provisions of the facility arrangements, leading to TM Lewin's premature administration".

Petra is considering opening an investigation into how the shirtmaker TM Lewin was managed before the collapse, as they deny any wrongdoing.

A spokesperson for TM Lewin's shareholders said: "In our view, this was a 'loan to own' strategy and we will be pursuing all legal remedies available once our investigations are complete". Interpath Advisory administrators subsequently sold the brand and their assets to a company owned by Petra.

Petra have responded to the comments made by Torque shareholders, stating: "We are now considering all options, including a full independent investigation into the management of the business leading up to the administration".
 

The Johnson Partnership

Derby Crime Solicitors