Details emerge of pre-pack deal to rescue In the Style Fashion

Troubled fashion retailer In the Style Fashion has been sold in a pre-back deal with investor Baaj Capital rolling its investment into a new entity, after the Salford headquartered business briefly entered administration.

The business has been acquired by a company called “Alps Sourcing Limited”, and 87 jobs have been saved. Previously the business employed 140 people in an office in Salford and a warehouse in Heywood.

Alps Sourcing is controlled by Ajay Sidana and supplies fashion clothing to online and high street retailers and wholesalers.

The pre pack sale of the company was negotiated by Marco Piacquadio​ and Alan Coleman of boutique insolvency firm FTS Recovery, who were appointed as administrators on 10 March 2025 after “rising costs and various economic headwinds” played their part in bringing about formal insolvency proceedings.

Baaj has rolled its facility into the purchasing entity, as a part of the transaction.

FTS Recovery director Marco Piacquadio confirmed to TheBusinessDesk.com yesterday (20 March 2025): “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.”

He added: “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.

“Finally, thanks to our respective legal teams and wider advisers involved on the transaction. The marketing process was led by Gary Haper and his team from John Pye Auctioneers & Valuers, with legal advice provided by Anna Shaw and Steve Thomas and their team at Excello Law.”

In February In the Style Fashion filed a notice of intention to appoint administrators in the courts, submitted by Excello Law.

The business, which relies heavily on fashion influencers to promote its clothing, has an office in Clifton, Salford and operates a warehouse in Heywood and employed 140 staff.

In its last set of accounts the year 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, which saved the company from collapsing into administration. Accounts show that a £3m support facility from Baaj has supported the business, giving auditors comfort that the business was a going concern until March 2026.

Baaj is wholly-owned by Jaswinder Singh its founder.

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.

Adam Frisby, In The Style

In 2023 the founder Adam Frisby won a legal case over the name and concept of the business, but left the company shortly after.

He said: “After nearly a decade of living and breathing In The Style, I made the difficult decision to step away due to a change in ownership that didn’t align with my morals and values. Leaving was heartbreaking, but I knew it was the right choice for me at that time.”