In The Style rescued from administration
In The Style has been rescued from administration through an acquisition by Alps Sourcing.
Saving 87 jobs, the pre-pack sale of the online fashion retailer was negotiated by representatives of FTS Recovery who were appointed as administrators earlier this month.
Specialising in celebrity-inspired fashion at high street prices, In The Style grew from a small home-based business to reach a value of £105 million at its peak in March 2021 and following its AIM listing. However, the success was followed by a challenging period, ultimately resulting in the company’s de-listing and near-administration.
In 2023, In The Style was acquired by Baaj Capital. However, the company’s performance has not improved in recent times so insolvency proceedings were initiated.
Never Miss a Retail Update!Marco Piacquadio, director FTS Recovery, explained: “The company’s balance sheet has been laden with significant debt for some time. That debt has led to issues with cash flow and had an impact on suppliers.
“Since being brought in to help, our focus has been to seek to rescue as many elements of the business as possible. It is always difficult trying to achieve a rescue against the backdrop of a relatively high-profile matter, particularly where elements of the brand and goodwill are under daily scrutiny.”
He added: “We are really pleased to have secured this outcome and to have rescued so many jobs. It is hoped that this rescue will allow the new owners the platform to work again with key stakeholders in the future.
“This sale marks a turning point in the company’s fortunes and an opportunity to return it to a position of profitability and financial stability.”
