Shirt specialist TM Lewin is exploring its options after Lloyds Banking Group put its 20% stake in the business on the market.

According to The Financial Times, TM Lewin is using the divestment of the stake to look at opportunities for its next stage of growth.

Professional services firm BDO is advising the company which is expected to be valued at £100m. TM Lewin is likely to consider refinancing, or a deal to take TM Lewin out of the Lloyds investment stable and put it with a new funding partner.

A sale by management team led by chief executive Geoff Quinn, who owns the remaining 80% is thought to be unlikely.

In the year to February 28, 2009 gross sales rose 23% to £78m boosting EBITDA by 16% to £12.7m.