By Mark Kleinman, City Editor
The venerable shirtmaker TM Lewin has picked advisers to oversee an auction that could value the 115-year-old company at more than £100m.
TM Lewin, which is privately-owned, has asked corporate financiers at KPMG, the accountancy firm, to find a buyer for the business as it seeks new funds to accelerate its international expansion.
The retailer, which was founded in 1898 on Jermyn Street in London's Mayfair district, has been boosted in recent years by a move into Asia, where it has sought to exploit its brand by tapping demand for British-made products.
TM Lewin's suits and shirts are popular in London's financial services district, where business has been choppy in the aftermath of the financial crisis.
In its most recent accounts filed at Companies House, it said "retail space acquisition was limited to specific strategic locations on the domestic front, reflecting the board's satisfaction with its UK retail footprint".
Geoff Quinn, the company's chief executive, stands to make a handsome sum from a sale of the company, although he is thought to keen to continue developing the business under a new owner.
Private equity groups and other retailers are expected to consider bids for TM Lewin, whose sale comes amid a renewed bloodbath on the high street, with five chains falling into administration in recent weeks.
During the 53 weeks to March 3 last year, TM Lewin reported sales of £106.5m and profits of £12.1m, an 18% decline on the prior year.
TM Lewin, which has around 90 standalone UK shops, could not be reached for comment and KPMG declined to comment.
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