Lloyds Banking Group is to sell its portfolio of 40 private equity investments including shirtmaker TM Lewin.

Lloyds is to sell its investments for £332m, to a new joint venture.

In the joint venture, called Cavendish Square Partners, private equity investor Collar Capital will hold a 70% stake with the remaining 30% owned by Lloyds.

The portfolio includes stakes in 40 companies including a 20% stake in shirtmaker TM Lewin. Its management team led by chief executive Geoff Quinn, own the remaining 80%.

TM Lewin chief executive Geoff Quinn said the deal would not impact the business.

He said: “Nothing changes. Lloyds owns 20% of our equity which gives them a few feet at our board meetings. Operationally it doesn’t change anything.”