Online Fashion Retailer In The Style Avoids Administration with Strategic Sale
- In The Style sells business for £1.2m to avoid administration
- Private equity investor Baaj Capital acquires In The Style Fashion Limited
- Founder Adam Frisby becomes CEO of new company Bidco ITS Holdings Ltd
- Non-executive directors Nancy Cruickshank, Adam Bellamy and Matthew Scaife step down
- Company proposes name change to Itsum plc to avoid confusion with brand
- Sale follows poor trading in January and February
In The Style, an online fashion retailer, has agreed to sell its business for £1.2m to private equity investor Baaj Capital in a bid to avoid administration. Founder and CEO Adam Frisby will take up the role of CEO at the newly formed Bidco ITS Holdings Ltd upon completion of the sale. The decision follows a strategic review launched in December due to poor trading in January and February. In The Style Fashion Limited, previously valued at £105m, will also change its name to Itsum plc to avoid confusion with the brand and reflect becoming a cash shell for Rule 15 of the AIM Rules. Non-executive directors Nancy Cruickshank, Adam Bellamy, and Matthew Scaife will step down without pay in lieu of notice.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the sale of In The Style Fashion Limited to Baaj Capital for £1.2m, the involvement of founder Adam Frisby in the new company, and the decision to change the name to Itsum plc. It also includes a statement from Jim Sharp, chair of In The Style, explaining the reasons behind the sale.
Noise Level: 3
Noise Justification: The article provides relevant information about a company’s decision to sell its business due to poor trading performance and the involvement of a new investor. However, it lacks in-depth analysis or exploration of long-term trends or consequences of the decision.
Financial Relevance: Yes
Financial Markets Impacted: The sale of In The Style Fashion Limited to Baaj Capital impacts the company’s financial situation and its shareholders.
Financial Rating Justification: This article discusses a significant change in ownership for an online fashion retailer, which affects the company’s financial status and its stakeholders. It also mentions the strategic review and poor trading performance, which can impact the company’s stock value and market position.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: This situation is not an extreme event but rather a financial crisis involving the sale of In The Style Fashion Limited for a significantly lower value than its previous valuation due to poor trading performance.
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