Jobs fear as In the Style Fashion takes step towards administration
The troubled life of Salford-based online fashion retailer In the Style Fashion took another turn this week as the business filed a notice of intention to appoint administrators in the courts.
The papers were filed with the court in Leeds on behalf of In the Style Fashion Limited by law firm Excello Law, it is understood any likely administration will be handled by FTS Business Recovery.
The business has an office in Clifton, Salford and operates a warehouse in Heywood and employs 140 staff. Since it was founded the business uses fashion influencers to target customers claiming it is “an online fashion brand for everyone” and wants to give customers “celebrity inspired looks at an affordable price”.
In its last set of accounts filed in December 2024 covering the year ending March 2024 show the business made a loss of £2,610,000 on revenues of £30.4m, a reduction from the previous year’s loss of £8.48m on sales of £45m.
In March 2023 the business was rescued by Baaj Capital, as the businesses teetered on the brink of collapsing into administration.
Accounts show that a £3m support facility from Baaj has supported the business, giving auditors comfort that it was a going concern until March 2026.
Baaj is wholly-owned by its founder Jaswinder Singh.
In the Style floated on AIM in March 2021 with a market value of £105m but its share price collapsed.
On December 8, 2022, it announced it had launched a strategic review that could result in a sale of all or part of the company. It revealed it had made a pre-tax loss of £3.1m in the six months to September.
In 2023 the founder Adam Frisby won a legal case over the name and concept of the business, but then left the company shortly after.
TheBusinessDesk.com has made requests to comment to Baaj Capital, Excello Law and In The Style Fashion Limited.
