Struggling In The Style sold for £1.2m
Online womenswear retailer In The Style has been purchased for £1.2m by private firm Baaj Capital.
The move comes as the fashion brand looks to avoid administration, following a strategic review in December.
The retailer said it had received a number of offers for the company, however none of these were deemed acceptable by the board.
The offer from Baaj featured a pre-condition which sees In The Style founder Adam Frisby take an equity position within a newly-formed company formed for the purposes of the sale, as well as become chief executive officer of In The Style.
The move will also see the cancellation of In The Style’s shares on the stock market, which tanked by over 77% on Tuesday morning.
The sale price of £1.2m is a stark decrease from the £105m valuation the company saw when floated on the market in 2021.
Tough trading at the beginning of 2023 has seen the group’s cash position fall from £3.2m at the end of 2022 to £900,000 by the end of February.