In The Style nears administration
In The Style is heading towards insolvency less than two years after the online fast fashion brand was acquired by Baaj Capital.
FTS Recovery is being lined up to act as administrator to the company, according to Sky News.
One source said that a pre-pack insolvency potentially involving Baaj Capital was one possible outcome from the process.
It comes after In The Style, which was founded by Adam Frisby in 2013, has seen its financial performance deteriorate in recent years.
Once valued at more than £100 million, the business was sold to Baaj Capital for just over £1 million in 2023. It had floated on London's junior AIM market in 2019.
Its collapse into administration will leave questions hanging over the future of its remaining workforce, its brand and other assets.
The news also comes after Frisby stepped away from In The Style in September 2024. At the time, Frisby shared it was with a "heavy heart" that he would "no longer be part of In The Style".
Frisby previously handed over the Chief Executive role to Sam Perkin in January of 2022 but later reclaimed the role in December 2022 to re-engineer In the Style's economic model.
