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FTS Recovery has overseen the sale of Manchester-based online fashion brand, In The Style, to Alps Sourcing Limited, rescuing the business from administration.
In The Style’s former owner, Baaj Capital, rolled its facility into the purchasing entity as part of the transaction to Alps Sourcing.
The pre-pack sale, which saved 87 jobs in the UK, was negotiated by joint administrators Marco Piacquadio and Alan Coleman who were appointed on Monday 10 March.
Having grown from a small home-based business, In The Style reached a value of £105m at its peak in March 2021 following AIM listing.
However, that successful period was followed by troubled times, ultimately leading to the company being de-listed and then subsequently acquired by Baaj Capital in 2023 when it narrowly avoided administration.
Recently, business was hit by rising costs and various economic headwinds, and formal insolvency proceedings were initiated.
Piacquadio said: “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.
“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.”
He added: “Finally, thanks to our respective legal teams and wider advisers involved in the transaction. The marketing process was led by Gary Harper and his team from John Pye Auctioneers & Valuers, with legal advice provided by Anna Shaw and Steve Thomas and their team at Excello Law.”
