Fashion firm In The Style rescued from administration
Fast fashion brand In The Style has been snapped up in a rescue deal after falling into administration.
It has been bought by Alps Sourcing Limited – an entity linked to previous owner Baaj Capital – in a move which has secured the future of 87 jobs.
It comes after advisers at FTS Recovery were appointed as administrators for the online retail brand last week.
Administrators said the company collapsed into insolvency after coming under pressure from 'significant debt', which led to cash flow issues and affected its suppliers.
The Manchester-based company, which was founded in 2013 by Adam Frisby, was worth as much as £105 million after floating on the stock market in 2021.
However, the company came under pressure from shoppers returning to the high street and was sold to Baaj for around £1 million, narrowly avoiding administration, in 2023.
Marco Piacquadio, director of FTS Recovery and joint administrator, said: '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.
'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.'
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