The brand has been saved by owner Torque Brands, an investment vehicle for private equity firm Stonebridge, but the pre-pack deal did not include its 66 stores. Instead, TM Lewin will become an online-only retailer, as originally reported by The Daily Telegraph.

The retailer struggled to keep up with rent and other bills when its store estate was forced to close during lockdown. The formalwear brand has also been negatively hit by a lack of demand during the crisis, with offices closed and events cancelled.

The news comes after Torque acquired the retailer from investment company Bain Capital last month.