In The Style reportedly bought out of administration

Fast fashion retailer In The Style (ITS) is believed to have been rescued from administration, potentially saving over 300 jobs.

While a formal statement is yet to be issued, Marco Piacquadio, owner, director and head of recovery at FTS Recovery, the insolvency firm appointed to ITS’ case, said he was “pleased to have saved over 300 jobs last week completing sales out of administration on both In The Style Fashion Limited and Rectella Limited T/a Julian Charles”, the latter an unassociated home textiles manufacturer.

Piacquadio made the announcement on his own LinkedIn page, where he praised “all involved”, before adding: “Continuity achieved for employees, respective brands, supply chain, customers and over 70 sites and concessions rescued across the two transactions.”

Piacquadio noted that a full separate press release was to follow.

Official statement to follow

FTS had confirmed it had been assigned to oversee ITS’ administration process in February 2025, at which time Piacquadio, who was appointed administrator alongside Alan Coleman, had said he was “focused on seeking to rescue as many elements of the business as possible”.

The descent into administration succeeded a challenging financial period for the Manchester-based brand, which had suffered through economic headwinds causing cash-flow difficulties that left it unable to meet all of its current liabilities.

ITS recorded a notable decline in performance for the year ended March 31, 2024, during which revenue fell from 46 million pounds in the year prior to 30.4 million pounds. Gross profit also decreased from 20.8 million pounds to 15.9 million pounds.

The company, which was founded by its former CEO Adam Frisby in 2013, was taken over by Baaj Capital in 2023, at which time it was undergoing a strategic review overseen by Frisby, who had returned to the helm position in 2022 following a brief stint as chief brand officer.

Frisby then stepped down from the CEO role in late 2023, stating that ITS was “back to profitability and doing so well” and fully exited the company the following year for reasons that were undisclosed.

More recently, reports had been circulating that Iconic Labs was in discussions with ITS over a possible takeover of its operating subsidiary, ITS Holdings 2023 Ltd. This was accompanied by speculation that it was also eyeing a return to the London Stock Exchange.

The company had previously floated in 2019 at a market valuation of 105 million pounds, but in March 2023 its capitalisation dropped below one million pounds.

FashionUnited has contacted ITS and FTS with a request to comment. An official statement has not yet been made.