In The Style owed more than £20m before rescue deal

In The Style had over £20m in debt when it was rescued following its collapse into administration, according to a new document filed at Companies House.

The Manchester-based fashion brand was recently rescued by Alps Sourcing Limited, saving 87 jobs at the company. 

The brand was originally founded in 2013 as a high street retailer operating via an e-commerce platform. However, in March 2023 the company experienced a loss of £8.4m and was sold to Baaj Capital for £1.2m.

Following the takeover, the new ownership undertook a strategic review of the business but by the end of 2024, the company was forced to cut jobs in an effort to reduce losses as sales continued to decline.

The fast-fashion retailer reported a pre-tax loss of £2.6m for the year ending 31 March 2024, an improvement from the £7.7m loss recorded the previous year.

Revenue fell from £45.9m to £30.4m over the same period, marking a further drop from the £57.3m generated in 2022.

As a result of the financial pressures the company was experiencing, in February 2025 the brand sought advice from FTS Recovery which concluded there was insufficient cash to continue trading and that a pre-packaged administration sale would be the best course of action. The pre-packaged sale of the business to Alps Sourcing was concluded on 11 March. 

In the Companies House document, FTS Recovery said: “In recent months the company has continued to struggle with cash flow as a result of significant legacy contracts, at a time when the market has seen a significant downturn in sales as a result of the current economic climate and cost-of-living crisis. These contracts are reported by the board to have cost the company circa £1m since the new management takeover.

“These cash flow pressures have led to a failure to meet contractual obligations, which in turn has led to negative publicity and damage to the company’s goodwill.”