Shirt specialist TM Lewin has ruled out an IPO and has put to bed speculation that backer HBoS wants to exit the business.

The revelations come as the group reported a sales increase of 11% in its first half to August 29. EBITDA jumped 15% for the period.

TM Lewin is 80% owned by management, while HBoS’s corporate banking division holds a 20% stake. HBoS owner Lloyds Banking Group was thought to have been trying to exit some of HBoS corporate banking division’s investments earlier this year.

However, TM Lewin chief executive Geoff Quinn claimed the retailer is a “shining star” in the bank’s investment portfolio and that its partnership with HBoS is secure and ongoing. “There is no change; we have delivered our plan,” said Quinn.

He also ruled out a float. “I don’t fancy a float, there are things that I like about being a private company, we do what we want to rather than have to make other people happy,” he added.

Sales at TM Lewin soared 23% to £78m and EBITDA increased 16% to £13m in its full year to February 28, 2009.

The retailer opened 5 stores in Singapore over the period and will continue to push into the Far Eastern market over the next 12 months.

TM Lewin ramped up investment in its womenswear range over the period in an attempt to grow sales from 18% of the business to £25% over the medium term.

Quinn said: “We have a strong balance sheet, a proven business model and strong operational disciplines. Our second half, which includes Christmas, is traditionally our stronger period and we are confident that we will deliver results for the year as a whole ahead of the prior period.”

TM Lewin has 69 stores in the UK and seven concessions.