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Online fashion retailer In The Style has agreed to sell the business for just £1.2m as a way to avoid administration.
In The Style Fashion Limited, which was valued at £105m in 2021, will be acquired by private equity investor Baaj Capital.
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.
Non-executive directors Nancy Cruickshank, Adam Bellamy and Matthew Scaife will step down from the board upon completion without pay in lieu of notice.
This news comes after the company launched its strategic review of the business in December. The review was followed by poor trading in January and February leading to the decision to sell.
The company has also proposed to change its name to Itsum plc to avoid any confusion with the In The Style brand and to reflect the company becoming a cash shell for the purposes of Rule 15 of the AIM Rules.
Jim Sharp, chair of In The Style, said: “Following a thorough review of different strategic options with our advisers and interactions with numerous parties, the Independent Directors have unanimously concluded that it is in the best interests of the Company, its Shareholders and its stakeholders to sell In The Style Fashion Limited to Bidco.
“The independent directors therefore believe that under the new ownership structure – with Adam’s continued leadership and Baaj’s backing – the In The Style brand can continue to build on its potential whilst protecting the interests of the Group’s employees, suppliers and other stakeholders.”
