Fast-fashion retailer In The Style is teetering on the edge of administration, just two years after a rescue deal was necessitated.
FTS Recovery is being prepared to manage the potential administration of the company, which was established by Adam Frisby in 2013, as reported by .
Previously listed on the London Stock Exchange’s AIM, the business was sold off in a distress sale to Baaj Capital for slightly over £1m in March 2023.
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As 2024 drew to a close, City AM reported that In The Style had cut jobs in an attempt to curb its losses amidst ongoing declining sales.
The Manchester-based fast-fashion retailer recorded a pre-tax loss of £2.6m for the year ending 31 March, 2024, a decrease from the £7.7m loss it reported in the previous 12 months. Its revenue also fell from £45.9m to £30.4m during the same period.
This latest total also represents a drop from the £57.3m it generated in 2022. The company also reduced its workforce from 179 to 140, having taken "significant steps to reduce operational overhead by investing in automation, clear strategic priorities and the removal of duplication of task".
These results followed the departure of founder Adam Frisby from the brand in recent months.
Frisby, who launched the Manchester-based brand from his bedroom in 2013 and served as its CEO for nine years, left the firm in January 2022.
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However, he resumed his role as CEO in December of the same year, only to leave again 12 months later. Since March 2024, In The Style has been in discussions with London-listed Iconic Labs regarding a reverse takeover.
London-based Iconic Labs, originally established as Widecells Group in Manchester in 2018, suspended its share trading at the end of February 2024.