TM Lewin hits sales record on farewell to HBOS

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The bank's private-equity arm, which was inherited by Lloyds, held a 20% stake in the retailer with TM Lewin's management team owning the rest.

However, Geoff Quinn said while the sale of the stake to Coller Capital "makes no difference" in business terms, it was good news for their brand.

"We are one of the few businesses that has done very well [in the investment portfolio], but we kept being mentioned because we are a name people recognise," said Quinn.

It came as TM Lewin posted a 7% jump in sales for the year to the end of February to £83.5 million, pushing operating profits up 7% to £9 million.

Growth has accelerated, with sales up 27% between March and May.

Quinn said the retailer was taking market share from rivals and benefiting from a trend for "more classic" workwear.

It is expanding rapidly, with plans to open another 19 stores in the UK this year, including five in London.

Quinn added he intends eventually to have separate menswear and womenswear stores and that the chain will open its first womenswear-only shop next year.