The main lender to TM Lewin has struck a deal to buy the century-old shirtmaker after it collapsed into insolvency for the second time in less than two years.

Sky News has learnt that an investment vehicle owned by PETRA Group has reached agreement with TM Lewin’s administrators, Interpath Advisory, to acquire the prominent fashion brand.

A deal could be announced before the weekend, according to one source.

PETRA’s swoop to acquire the business comes less than a month since it fell into administration, ending a disastrous spell under the ownership of Torque Brands, a company set up by Simba Sleep founder James Cox.

TM Lewin has enjoyed a popular following among City workers for decades, having been founded in 1898, but has endured a torrid recent history.

The company, which claims to have sold more than 70m shirts during its 124-year history, axed all 66 of its physical shops as part of its last skirmish with insolvency, resulting in the loss of hundreds of jobs.

It is now thought to employ fewer than 100 people.

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Reports last month suggested that Marks & Spencer and Mike Ashley’s Frasers Group were among those weighing offers to buy TM Lewin out of administration.

PETRA is said to be interested in reviving the brand’s high street presence despite the shift to home-based working during the pandemic.

Interpath declined to comment on Thursday, while Petra could not be reached for comment.

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