Shirt maker TM Luin could return to the high streets after being rescued from the administration by his main lender, Petra Group.
It is unknown at this time what he will do after leaving the post.
The business, which operated 150 stores before the epidemic, has been a full-fledged online business since it came into administration in June 2020. The group, which is best known for its shirts but also sells accessories such as suits, knitwear, coats and ties. Due to working from home during Covid, he is a victim of changes in his casual attire.
Thomas Mayes Lewin and Geoffrey James Lewin founded the firm on Panton Street in London in 1898, then in 1903 on Germin Street, the home of the English shirt maker.
The firm supplied uniforms to the RAF and the British Army during World War I and made its shirts in Southend-on-Sea, Essex, until it began overseas production in the late 1980s.
Will Wright, head of restructuring Interpath Advisors and joint administrator of TM Lewin, said: “After much interest, we are delighted to be able to secure this sale, which secures the future of this famous British retail brand.
“We understand that new owners will relaunch the online trading platform in the coming weeks and, in the long run, are considering the possibility of opening new High Street stores.”
Formal clothing retailers have struggled during the epidemic, but there are signs of a resurgence.
Moss Bros., which specializes in tailor-made suits, announced this week that it plans to open 10 new stores, while the clothing retailer credits better-than-expected suits in the first few months of next year.