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In The Style’s shareholders have narrowly approved a sale to a private equity firm in a bid to avoid administration.
Just under 60% of In The Style shareholders’ agreed to the £1.2m deal to save the fashion brand, at a general meeting on 24 March 2023.
Over 41% of shareholders voted against the deal which was first announced at the start of this month.
In The Style Fashion Limited, which was valued at £105m in 2021, has been acquired by private equity investor Baaj Capital.
According to the deal, founder and CEO Adam Frisby will take a position in the Bidco ITS Holdings Ltd, a newly formed company for the sale, and will take up the role of CEO at the new company once the sale is complete.
The company launched its strategic review of the business in December, however, the review was followed by poor trading in January and February leading to the decision to sell.
A vote to cancel In The Style’s shares on AIM did not pass at the general meeting meaning they will continue to trade past 5 April 2023.
The business said that “the company intends, as soon as practicable, to implement a member’s voluntary liquidation of the company in order to distribute the net proceeds of the sale received by it”.
