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Sandra Halliday Published
March 20, 2025
In a fast-moving story on Thursday, news emerged that e-tailer In The Style had collapsed into administration followed by news that it has been rescued. Administrator FTS Recovery announced “the successful sale of the business to Alps Sourcing Limited, saving 87 jobs in the UK”.
Alps Sourcing is an entity linked to previous owner Baaj Capital. It’s unclear how many jobs will go but the business had more than 100 staff at the last count.
The pre-pack sale of the business was negotiated by FTS’s Marco Piacquadio and Alan Coleman. The boutique insolvency firm had apparently been appointed as administrators on 10 March.
Piacquadio said: “The company’s balance sheet has been laden with significant debt for some time. That debt has led to issues with cash flow and had an impact on suppliers. Since being brought in to help, our focus has been to seek to rescue as many elements of the business as possible. It is always difficult trying to achieve a rescue against the backdrop of a relatively high-profile matter, particularly where elements of the brand and goodwill are under daily scrutiny.
“We are really pleased to have secured this outcome and to have rescued so many jobs.. It is hoped that this rescue will allow the new owners the platform to work again with key stakeholders in the future. This sale marks a turning point in the company’s fortunes and an opportunity to return it to a position of profitability and financial stability.”
Manchester-based In The Style specialises in providing celebrity-inspired fashion and works with a number of celebs and influencers on multiple collections. However, some of those celebs had recently complained about not being paid.
It grew from a small home-based business to reach a value of £105 million at its peak in 2025 but that was followed by a rocky period, ultimately leading to it being de-listed from the stock exchange and then subsequently acquired by Baaj Capital in 2025, when it narrowly avoided administration. Baaj “has rolled its facility into the purchasing entity, as a part of the transaction”.
Rumours that it would file for administration emerged last month and came as little surprise given the pre-tax loss of £2.6 million it made in the year to last March. Admittedly that was smaller than the £7.7 million loss of the previous financial year, but such losses are hard to sustain indefinitely.
Yet the company had continued a ‘business as usual’ approach and only last month unveiled its first 2025 collaboration collection with BBCStrictly Come Dancing 2025show winner, Dianne Buswell. The new collection featured looks based around a week in Buswell’s life as a professional dancer.