Online fashion retailer In The Style is to be sold for £1.2m after a strategic review.

The company’s operating subsidiary, In The Style Fashion, is being acquired by investor Baaj Capital.

In The Style said there had been “positive engagement” with several interested parties, but only Baaj’s was deemed deliverable.

Baaj, described as “a UK-based, private family office”, made it a precondition of a deal that In The Style founder Adam Frisby should take an equity position in Bidco, a newly established company formed as part of the sale, and run In The Style Fashion Limited on completion of the sale”.

The retailer’s independent directors – other than Frisby – unanimously backed a sale. Non-executive directors Nancy Cruickshank, Adam Bellamy and Matthew Scaife will step down upon completion of the deal, without pay in lieu of notice.

In The Style chair Jim Sharp 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.”