Former Asda boss Leighton in private equity buyout of TM Lewin

SCP Private Equity vehicle Torque Brands, run by entrepreneur James Cox, has bought TM Lewin for an undisclosed sum and more deals are expected.

As well as Leighton, who also chairs the Co-op, the SCP team includes former Harrods managing director and Hilco chief executive Paul Taylor, and Michael Jackson, who has chaired FTSE 100 businesses.

TM Lewin, which mainly sells to 25- to 34-yar-olds, generated sales last year of approximately £120m and SCP believes it is well placed “to capitalise on the growth in smart casual workwear”.

SCP managing director and Torque Brands chair Cox said: “There are significant headwinds against great retail businesses in the current environment, posing a very real threat to the sector’s future.”

“We wholeheartedly believe that specialist vertical-specific British brands, such as TM Lewin, will continue to hold a premier position in the eyes of the global consumer, and look forward to the challenge of helping the company adapt to the rapidly changing retail landscape.”

He said that Torque Brands aimed to acquire a portfolio of complementary British Brands brought together through a centralised shared services platform.

He said Torque is “a big supporter of the power of brand Britain and is actively acquiring heritage homegrown talent which we see having a long and successful future.”

The deal, he maintained, heralds “an exciting time for the renowned shirt maker and marks the start of a new chapter in its long and illustrious 120-year history.”

TM Lewin was formerly owned by Bain Capital Credit, which bought the retailer in 2015.

Bain Capital Credit managing director Brad Palmer said: “Notwithstanding the challenges facing the retail sector, and most recently from Covid-19, since our ownership the business now has a true multi-channel business in the UK across stores and online, a large and loyal customer base and an even stronger brand proposition.”