TM Lewin (TML) is a tailoring retailer supplying classic and contemporary shirts, suits and accessories for men. It first opened its doors on Jermyn Street in London in 1898.
It still prides itself on its craftsmanship, quality, and service. TML operates through a retail network of approximately 100 stores in the UK and an international network of overseas franchisees.
The decision by Sankaty Advisors LLC (now known as Bain Capital Credit, LP) to invest in TML provided the impetus for a number of initiatives to improve the operating and financial performance of the business. Among other things, an opportunity was found to improve working capital management by reducing stock and lead-times within the supply chain, where multiple warehouses were operating in parallel to support different sales channels.
Collinson Grant conducted a review to explore the potential scope to consolidate TML's third party warehouse operations. Working closely with the company's merchandising and supply chain teams, as well as the third party logistics provider, we compiled a business case setting out various practical changes that could be made, the potential financial benefit and an implementation plan.
The plan included consolidating TML's online and retail warehouses, both physically and in terms of enterprise management systems. A cross-functional programme steering group was established involving warehouse operations, merchandising, finance and customer services and an execution plan was agreed.
During the implementation, other opportunities to improve business operations were identified, for example activities were incorporated into the programme to enhance the robustness of procurement processes. The programme was tailored to meet the needs of suppliers and new range launches and was also flexed based on the internal resources and technology available. This was done with appropriate change control and sign off from the project sponsor.
The improvement programme was handed back to an internal owner within the business following successful completion of the warehouse consolidation and after a clear roadmap had been mapped out for the remaining tasks.