TM Lewin debt widens to 30 million pounds amid administration process

Shirtmaker TM Lewin has seen its debts grow by almost 10 million pounds since its fall into administration in 2022. In a new filing with the UK’s Companies House, the retailer is said to now owe unsecured creditors over 33.8 million pounds, up on the 24.6 million pounds initially expected prior to June 30, 2024.

Appointed administrator Evelyn Partners explained that the increase was due to a creditor providing proof of claims for over 10 million pounds. HM Revenue & Customs, meanwhile, submitted an unsecured claim of 1.9 million pounds.

Around 800,000 pounds has been paid to preferential creditors, the document reports, while outstanding wages, holiday pay and pensions amounting to around one million pounds were predicted among preferential claims.

Administrators also increased their own fee estimate to 864 million pounds in light of a restructuring process that “had to stay open significantly longer than originally envisioned”.

In the report, the firm said: “Further time has had to be spent to ensure adequate case progression, including regular updates between the officeholders and their staff to consult on the best approach to overcome unforeseen hurdles surrounding employee claims, tax and the subsequent insolvency of the purchaser, Trendbold Limited.”

Trendbold, which initially traded under the TM Lewin Shirtmaker Limited, rescued the brand from its second administration filing in two years during 2022–the first being in 2020, when the company was then rescued by former owner Torque Brands.