In The Style goes out of fashion as administration looms
Fast-fashion retailer In The Style is on the brink of collapsing into administration two years after being forced into a rescue deal.
FTS Recovery is being lined up to oversee the potential administration of the company which was founded by Adam Frisby in 2013.
The business was previously listed on the London Stock Exchange’s AIM but was sold in a fire sale to Baaj Capital for just over £1m in March 2023.
At the end of 2024, City PM reported that In The Style had slashed jobs in a bid to stem its losses amid continuing falling sales.
The Manchester-headquartered fast-fashion retailer posted a pre-tax loss of £2.6m for the year to 31 March, 2024, down from the £7.7m loss it reported in the prior 12 months.
Its revenue was cut from £45.9m to £30.4m over the same period. The latest total was also down from the £57.3m it generated in 2022.
The company also reduced its headcount from 179 to 140 after taking “significant steps to reduce operational overhead by investing in automation, clear strategic priorities and the removal of duplication of task”.
The results came after founder Adam Frisby quit the brand in recent months.
Frisby set up the Manchester-based brand from his bedroom in 2013 and served as its chief executive for nine years before leaving the firm in January 2022.
But he returned as CEO in December that year and left the role again 12 months later.
In The Style has been in talks with London-listed Iconic Labs over a reverse takeover since March 2024.
Iconic Labs, which is headquartered in London, was established as Widecells Group in 2018 and was based in Manchester.
The company suspended the trading of its shares at the end of February 2024.