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Online fashion retailer In The Style has been sold out of administration to Alps Sourcing Limited, saving 87 jobs in the UK.
The pre-pack sale of the company was negotiated by Marco Piacquadio and Alan Coleman from FTS Recovery Limited, who were appointed as joint administrators on Monday 10 March.
Manchester-based In The Style specialises in “celebrity-inspired” fashion at high street fashion and in 2021 reached a value of £105m at its peak following AIM listing.
However, that success was followed by a period of troubled times, ultimately leading to the company being de-listed and then subsequently acquired by Baaj Capital in 2023, when it narrowly avoided administration.
In recent times, matters had still not improved and with rising costs and various economic headwinds playing their part, formal insolvency proceedings were initiated.
Baaj has rolled its facility into the purchasing entity, as a part of the transaction to Alps Sourcing.
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.
“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.”
