Fashion firm In The Style rescued from administration
It has been bought by Alps Sourcing Limited – an entity linked to previous owner Baaj Capital – in a move which has secured the future of 87 jobs.
It comes after advisers at FTS Recovery were appointed as administrators for the online retail brand last week.
Administrators said the company collapsed into insolvency after coming under pressure from 'significant debt', which led to cash flow issues and affected its suppliers.
The Manchester-based company, which was founded in 2013 by Adam Frisby, was worth as much as £105 million after floating on the stock market in 2021.
However, the company came under pressure from shoppers returning to the high street and was sold to Baaj for around £1 million, narrowly avoiding administration, in 2023.
Marco Piacquadio, director of FTS Recovery and joint administrator, said: '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.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
North Wales Chronicle
an hour ago
- North Wales Chronicle
Ryanair and easyJet cancel hundreds of flights amid air traffic control strikes
Ryanair said it was forced to make 170 cancellations on Thursday and Friday as the strikes affect flights to and from France – and also flights over the country to destinations such as the UK, Greece, Spain and Ireland – impacting more than 30,000 passengers. Luton-based rival easyJet said it had cancelled 124 flights today and was scrapping 150 tomorrow due to the industrial action. EasyJet said customers have been contacted directly and have the option to transfer to another flight for free or receive a refund, but advised all passengers to check the status of their flights in case of further disruption over the next two days. 'While this is outside of our control, we will do all we can to minimise the impact of the strike action,' easyJet said. Ryanair chief executive Michael O'Leary renewed calls on EU Commission President Ursula von der Leyen to take 'urgent action' to reform European Union air traffic control (ATC) services in light of the disruption, which comes at the start of the European summer holidays. Mr O'Leary said: 'Once again, European families are held to ransom by French air traffic controllers going on strike. 'It is not acceptable that overflights over French airspace en route to their destination are being cancelled/delayed as a result of yet another French ATC strike. 'It makes no sense and is abundantly unfair on EU passengers and families going on holidays.' EasyJet echoed the plea, asking for 'long-term solutions'. It said: 'On behalf of our passengers we are extremely unhappy with the strike action, particularly given the current performance of French ATC which has been the leading cause of airspace delays in Europe this summer. 'Long term solutions must be found for our customers and crew who suffer repeated disruption.' Airlines have long-campaigned for an overhaul of ATC services across Europe. Ryanair said it wants the EU to ensure ATC services are fully staffed for the first wave of daily departures, as well as to protect overflights during national ATC strikes. 'These two splendid reforms would eliminate 90% of all ATC delays and cancellations, and protect EU passengers from these repeated and avoidable ATC disruptions due to yet another French ATC strike,' Mr O'Leary added. Ryanair also said on Wednesday it had been hit by the recent conflict in the Middle East, and it cancelled more than 800 flights last month. It is among those to have cancelled and rerouted flights amid the conflict between Israel and Iran, as well as continued attacks in Gaza, which last week saw flights halted at Dubai airport in the United Arab Emirates (UAE).
Leader Live
an hour ago
- Leader Live
Ryanair to increase underseat free bag size after EU changes
The budget airline currently allows people a small "personal bag" that must fit under the seat in front for free, but under current rules it must be less than 40x25x20cm. Under new rules this would increase to 40x30x20cm. While only a 5cm increase, it means the volume will be 24 litres instead of 20 litres - a big increase and a welcome outcome for many travellers. But, it will still mean Ryanair offers a smaller 'free bag' that main rival easyJet, which currently allows 45x36x20cm (32 litres). Other budget competitor WizzAir already allows 40x30x20cm. The date for the change isn't clear yet, but Ryanair said the change would be "implemented over the coming weeks, as our airport bag sizers are adjusted" - and would mean it's exceeding the EU's recommended minimum size. Last week, European politicians said holidaymakers should be allowed a bag with a minimum size of 40x30x15cm - and crucially another up to 100cm and 7kg in weight - without an extra fee on top of their ticket. Recommended reading: A Ryanair spokesperson said last week: "The European Parliament should let travellers decide what services they want, what services they pay for and, importantly, what services they don't." Even though the UK is no longer a member of the European Union, the rules would still impact British passengers as they cover EU-based airlines. The proposals must be voted on by the full parliament before they become law.
Powys County Times
an hour ago
- Powys County Times
Ryanair to increase underseat free bag size after EU changes
Ryanair says is increasing its underseat bag allowance by 20% after the EU proposed rule changes, with new laws giving passengers more free baggage. The budget airline currently allows people a small "personal bag" that must fit under the seat in front for free, but under current rules it must be less than 40x25x20cm. Under new rules this would increase to 40x30x20cm. While only a 5cm increase, it means the volume will be 24 litres instead of 20 litres - a big increase and a welcome outcome for many travellers. But, it will still mean Ryanair offers a smaller 'free bag' that main rival easyJet, which currently allows 45x36x20cm (32 litres). Other budget competitor WizzAir already allows 40x30x20cm. The date for the change isn't clear yet, but Ryanair said the change would be "implemented over the coming weeks, as our airport bag sizers are adjusted" - and would mean it's exceeding the EU's recommended minimum size. Last week, European politicians said holidaymakers should be allowed a bag with a minimum size of 40x30x15cm - and crucially another up to 100cm and 7kg in weight - without an extra fee on top of their ticket. A Ryanair spokesperson said last week: "The European Parliament should let travellers decide what services they want, what services they pay for and, importantly, what services they don't." Even though the UK is no longer a member of the European Union, the rules would still impact British passengers as they cover EU-based airlines.
