Latest news with #AdamFrisby
Yahoo
20-03-2025
- Business
- Yahoo
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.'
The Independent
20-03-2025
- Business
- The Independent
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.'
Sky News
13-02-2025
- Business
- Sky News
In The Style is out of time as administration looms
In The Style is on the brink of insolvency less than two years after the then London-listed online fashion retailer was forced into a fire sale to a family office investor. Sky News has learnt that FTS Recovery is being lined up to act as administrator to the company, which was founded by Adam Frisby in 2013. The fast-fashion retailer, which has aligned itself with a number of prominent social media influencers, has seen its financial performance deteriorate in recent years. Its collapse into administration will leave questions hanging over the future of its remaining workforce and its brand and other assets. One source said that a pre-pack insolvency potentially involving Baaj Capital was one possible outcome from the process. Mr Frisby returned to the company on at least two occasions before announcing his latest departure last year. Once valued at more than £100m, In The Style was sold to Baaj Capital for just over £1m in March 2023. It had floated on London's junior AIM market in 2019. More recently, Baaj was on the brink of buying discount retail chain The Original Factory Shop, but was trumped by a rival offer from retail investor Modella Capital, Sky News reported on Wednesday.
