In The Style agrees £1.2 million sale to avoid administration
Women’s fashion brand In The Style has agreed to sell itself for £1.2 million in order to avoid administration.
The move follows a strategic review in which the company considered several options, including a possible sale of the business.
In The Style will be acquired by Baaj Capital, a UK-based private family office. The offer includes a pre-condition that founder Adam Frisby agrees to take an equity position in the newly established company formed for the purposes of the sale. He will also become chief executive on completion.
In addition, non-executive directors Nancy Cruickshank, Adam Bellamy and Matthew Scaife will step down from the board when the sale completes without pay in lieu of notice.
Jim Sharp, chair of In The Style, said: “Following a thorough review of different strategic options with our advisers and interactions with numerous parties, the independent directors have unanimously concluded that it is in the best interests of the Company, its shareholders and its stakeholders to sell In The Style Fashion Limited to Bidco.
“The independent directors therefore believe that under the new ownership structure – with Adam’s continued leadership and Baaj’s backing – the In The Style brand can continue to build on its potential whilst protecting the interests of the Group’s employees, suppliers and other stakeholders.”
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