In April 2020, the company began talks with potential buyers, as the COVID-19 pandemic jeopardised the retailer's operations. It was reported that rival menswear retailer Charles Tyrwhitt was among a number of parties which submitted offers for TM Lewin. Bain Capital – the private equity group that has been supporting TM Lewin since 2015 through its debt investment arm – was keen to sell the heritage menswear retailer and enlisted corporate finance firm Alantra to conduct an auction. On 13 May 2020, TM Lewin was acquired by Torque Brands, a vehicle of private equity firm Stonebridge Capital.