Online fashion retailer In The Style is reportedly set to appoint administrators.
The digital womenswear fashion brand, based in Salford, floated in London in 2019 with a market value of £105m.
However by March 2023 its market cap had dropped below £1m and it was saved from administration when its only operating subsidiary In The Style Fashion Limited was acquired by family office Baaj Capital LLP for £1.2m.
Sky News reported that FTS Recovery is set to be appointed as administrator to the company, which was founded by Adam Frisby (pictured with models) from his bedroom in 2013.
A source told Sky that a pre-pack insolvency potentially involving Baaj Capital was one possible outcome.
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Before the original rescue, also in 2023, Frisby won a High Court battle against businessman Paul Clements. The latter claimed he had come up with the concept and name for the company.
In The Style uses influencers to promote its products. Stacey Solomon and Gemma Atkinson are among those who have been on its books.
BusinessCloud has contacted FTS Recovery and Baaj Capital for details and comment.
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