Based in Manchester, In The Style focuses on offering celebrity-inspired fashion at high street prices.
Following its debut on the Alternative Investment Market (AIM) the brand had a valuation of £105m in March 2021.
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But the brand was later de-listed and narrowly skirted administration when Baaj Capital acquired the business for £1.2m in 2023. It recently found itself grappling with escalating costs and economic headwinds.
Formal insolvency proceedings were started, and Marco Piacquadio and Alan Coleman of FTS Recovery Ltd, were appointed as administrators earlier this month.
Piacquadio, who is also the director at FTS Recovery, shed light on the company’s financial tribulations, noting that substantial debt had been weighing down the balance sheet, disrupting cash flow and supplier relationships.
Furthermore, the company was concerned about the rising tax burden, especially those announced in last October’s budget, which directly affected its bottom line due to increased employment costs.
The administrators orchestrated the sale to Alps Sourcing.
Piacquadio said: “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 of 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.”
