Alps Sourcing has acquired In The Style in a pre-pack deal, saving 87 jobs in the UK.
Today the administrators, FTS Recovery issued a statement to say that the sale was negotiated by Marco Piacquadio and Alan Coleman:
“The Company’s balance sheet has been laden with significant debt for some time. That debt has led to issues with cash flow and had an impact on suppliers. Since being brought in to help, our focus has been to seek to rescue as many elements of the business as possible,” said Piacquadio, Director FTS Recovery.
“It is always difficult trying to achieve a rescue against the backdrop of a relatively high-profile matter, particularly where elements of the brand and goodwill are under daily scrutiny. We are really pleased to have secured this outcome and to have rescued so many jobs. It is hoped that this rescue will allow the new owners the platform to work again with key stakeholders in the future. This sale marks a turning point in the company’s fortunes and an opportunity to return it to a position of profitability and financial stability.
“Finally, thanks to our respective legal teams and wider advisers involved on the transaction. The marketing process was led by Gary Haper and his team from John Pye Auctioneers & Valuers, with legal advice provided by Anna Shaw and Steve Thomas and their team at Excello Law.”
READ MORE – In The Style “saved” – fashion brand bought out of administration
The Manchester-based fashion ecommerce group had at one point reached a value of £105m. However, it was delisted from AIM and acquired by Baaj Capital in 2023, when it narrowly avoided administration.
Baaj has rolled its facility into the Alps Sourcing, as a part of the transaction.
It had been believed that Baaj may have rescued the company for a second time, but instead Alps Sourcing Ltd has stepped in.
At the moment, those are all the details that have been released about the deal. According to Companies House, Alps Sourcing Ltd is based in Bowdon, near Altrincham in Cheshire. The company says it specialises in supplying fashion clothing to online and high street retailers and wholesalers and is said to be linked to Baaj Capital.
Its sole director listed on Companies House is Ajay Sidana, who’s down as its Textiles Director. He has 4 active Director appointments listed including Moets Events Catering, which was set up in April 2024; Alps Sourcing; and Sphere Clothing, which is in liquidation. He also founded Alps Trading Ltd a few weeks ago, which is based in London.
Sidana was also a Director of Forever Unique until 2009, this was the wholesale arm of the fashion company run by Real Housewives star, Seema Malhotra.
In its most recently listed accounts dated 30th June 2023, Alps Sourcing Ltd said it had just one employee and current assets of £47k.
