Manchester online fashion brand, In The Style, appears to have been bought out of administration.
While there’s not been an official release from the administrators, Marco Piacquadio, the owner, director and head of recovery at FTS posted on Linkedin last night:
“Pleased to have saved over three hundred jobs last week completing sales out of Administration on both In The Style Fashion Limited and Rectella Limited T/a Julian Charles.
“Well done to all involved including my own team, who as always have gone above and beyond to work these complex transactions across long hours in accelerated timeframes.
“Continuity achieved for employees, respective brands, supply chain, customers and over 70 sites and concessions rescued across the two transactions.”
READ MORE: Former In The Style boss speaks out over “redundancies”
READ MORE: Online fashion brand on verge of administration
In The Style appointed the administrators of 10th March.
Two years ago, it avoided administration, when Baaj Capital stepped in to acquire the business.
It’s believed that they may have done the same this time. As we previously reported on Prolific North, Baaj Capital, through its ITS Investments and Baaj Finance had extended a £3m support facility to the company.
At one time In The Style was valued at more than £100m and it had floated on the AIM market. In its latest accounts it reported a pre-tax loss of £2.6m and had been cutting staff numbers.
In February, former CEO and founder, Adam Frisby offered to help staff who’d been dismissed without pay. The company had also been criticised by some of its influencers claiming that they hadn’t been paid.
Despite the owner’s comments, FTS said there wasn’t yet an official statement.
