TM Lewin is exploring new financing options but its management hope to retain a majority shareholding.

The shirt specialist was bought by its management in 2006 and although they still hold a combined stake of 80 per cent, HBoS corporate banking division has a 20 per cent holding. HBoS owner Lloyds Banking Group is understood to be trying to exit some of HBoS corporate banking division’s investments.

TM Lewin finance director Mike Trotman said: “We have a number of options available.” He added that the retailer is not refinancing “at the moment” but that most of the investments in HBoS’s portfolio are “considering their positions”.

Trotman said a float is an option, but that he would prefer a secondary buyout, where management would maintain its majority stake.

He denied speculation the retailer was struggling with its debt, said to be about £30m, and said it has “very good headroom” in covenants.

“In the year to date we have had good growth and are beating internal expectations,” he said. He added that while the retailer would slightly miss profit targets, it is “heading towards £13m profits and is a lot less geared as a result”.