IN THE STYLE SOLD FOR £1.2M IN BID TO AVOID BANKRUPTCY

FAST fashion group In The Style has agreed to sell itself for £1.2m just two years after listing on the stock market with a value of £105m.

The Manchester online retailer set up by Adam Frisby ( pictured) in 2013 with a £1,000 redundancy payment from Burger King will be bought by UK private equity group Baaj Capital.

Its shares, which listed on Aim in March 2021 at 200p, fell 78.6pc, or 5.5p, to just 1.5p. Its value collapsed amid a string of profit warnings.

In The Style said the deal with Baaj, which involves the sale of its only operating company In The Style Fashion Limited (ITSFL), was required to stave off administration.

It follows a strategic review that began in December when Frisby, 35, returned as chief executive. He will stay on as chief executive of ITSFL when the sale is completed.

In The Style chairman Jim Sharp said: ‘Under the new structure, with Adam’s leadership and Baaj’s backing, In The Style can continue to build on its potential while protecting the interests of employees, suppliers and other stakeholders.’