Online fashion retailer In The Style is close to insolvency and its owner is lining up administrators.
In The Style’s likely administration comes only two years after a fire-sale to a family office investor, Sky News reported.
In The Style’s owner, Baaj Capital, is expected to call in FTS Recovery as administrator after the retailer suffered a poor financial performance
It is unclear what an administration of In The Style would mean for staff and business assets. However, one source told Sky that a pre-pack insolvency perhaps involving Baaj Capital might be an option.
In The Style was founded by entrepreneur Adam Frisby in 2013, and he has returned to the business at least twice before leaving last year.
At one point In The Style, which floated on AIM in 2019, was valued at approximately £100m but Baaj took control for just £1m two years ago.
Baaj was recently interested in acquiring The Original Factory Shop, but was understood to have lost out this week to investor Modella Capital.
A variety of online fashion retailers have found conditions tough in recent years, and after performing strongly during the pandemic, they have suffered as multichannel retailers have grown.
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