When Torque Brands, the subsidiary acquisition vehicle of SCP Private Equity, had acquired London-based menswear retailer TM Lewin back in May 2020, it had expressed its ambitions of building a portfolio of British heritage fashion labels that are served by one central services platform.
And therefore when reports of Torque Brands intending to acquire British heritage fashion brands like Jaeger and Austin Reed came out, it wasn’t surprising.
Both Jaeger and Austin Reed are a part of Edinburgh Woollen Mill (EWM) Group.
EWM, which also owns Peacocks, has been desperately initiating efforts to secure a rescue deal and in this regard is also in discussion with Davidson Kempner – the US hedge fund giant.
Notably, Harold Tilman, former owner of Jaeger, has also been named a potential suitor for the business.
Whether TM Lewin’s owner manages to acquire Jaeger needs to be seen, but EWM, may see notice of its intention to hire FRP Advisory as administrators expire today (22 October).
However, in all likelihood, the business will apply for an extension.
Besides shirts, TM Lewin also sells suits, knitwear, jackets and outerwear for men, amongst others. With several stores across the globe, the company went into administration in June 2020 following which Torque bought it back and closed 66 stores.
Wait and watch for what happens next!