Fast fashion group In The Style sold for £1.2million in a bid to avoid bankruptcy after just two years of IPO
Fast fashion group In The Style have agreed to sell for £1.2million just two years after going public at a valuation of £105million.
The Manchester online retailer set up by Adam Frisby in 2013 with a £1,000 severance package from Burger King will be bought by UK private equity group Baaj Capital.
Its shares, which were listed on Aim in March 2021 at 200p, fell 78.6%, or 5.5p, to just 1.5p. Its value crashed amid a series of profit warnings.
Rescue: In The Style, which was created by Adam Frisby in 2013 with a £1,000 severance package from Burger King, will be acquired by UK private equity group Baaj Capital
In The Style said the deal with Baaj, which involves the sale of its sole operating company In The Style Fashion Limited (ITSFL), was necessary to avoid administration.
It follows a strategic review that began in December when Frisby, 35, returned as chief executive. He will remain as Managing Director of ITSFL once the sale is completed.
In The Style President Jim Sharp said: “Under the new structure, with Adam’s leadership and Baaj’s support,
“In The Style can continue to develop its potential while protecting the interests of employees, suppliers and other stakeholders.”
