In The Style is about to call in the administrators, less than 2 years after it avoided a similar fate.
The Manchester online fashion retailer is believed to be lining up FTS Recovery to handle the process.
While an official statement has yet to be released from any party, it’s reported by Sky News that one of the options of the table is a pre-pack insolvency involving Baaj Capital.
Rewind to 2023 and it was Baaj Capital which stepped in to acquire the business to avoid it falling into administration for the first time.
READ MORE
In The Style to avoid administration in £1.2m sale
Iconic Labs set to acquire In The Style
In The Style founder wins multimillion pound High Court case
The private equity investor paid just £1.2m for In The Style.
It was a major fall from grace for the company, which at one time was valued at more than £100m and had floated on the AIM market in 2021.
In its latest company accounts, dated December, it reported a pre-tax loss of £2.6m, that compares to a £8.5m loss the year before. It also announced that it had been cost-cutting, including reducing staff numbers by 38%, ahead of a potential return to the Stock Exchange.
The results also revealed that Baaj Capital through ITS Investments and Baaj Finance had extended a £3m support facility to the company, stating that it would “require the ongoing support of Baaj Capital across the going concern forecast period to 31st March 2027.”
It added that Baaj Capital had indicated that it was willing to provide that support.
