In The Style rescued from administration

UK-based fast fashion retailer In The Style is understood to have been bought out of administration.

Accounting firm FTS Recovery was taken on as administrator of the struggling fashion brand on 10 March.

Despite no official release from its administrators, FTS Recovery owner, director and head of recovery Marco Piacquadio posted on LinkedIn yesterday that they had “saved” more than three hundred jobs at the retailer.

The post read: “Pleased to have saved over three hundred jobs last week completing sales out of administration on both In The Style Fashion Limited and Rectella Limited T/a Julian Charles.

“Well done to all involved including my own team, who as always have gone above and beyond to work these complex transactions across long hours in accelerated timeframes.”

He added: “Continuity achieved for employees, respective brands, supply chain, customers and over 70 sites and concessions rescued across the two transactions.”

FTS Recovery said it had not yet issued an official statement on the matter.

It comes after In The Style posted a notice of intention to appoint administrators in February, with a report by Sky News indicating that a pre-pack deal was a possibility.

In March 2023, the company, which was once valued at £100m, was sold to Baaj Capital for just over £1m.

The brand floated on London’s junior AIM market back in 2019.

However, the fashion retailer has struggled in recent years. The brand launched plans to cut jobs in December in efforts to battle against falling sales before its return to the London Stock Exchange.

Last month, the business also trimmed back its workforce as it teetered on the brink of collapse.

In The Style pulled in a pre-tax loss of £2.6m for the year to 31 March, compared to its £7.7m loss the year prior.

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