In The Style bought out of administration by Alps Sourcing Limited

Fast fashion retailer In The Style (ITS) has been rescued from administration following a sale to UK-headquartered Alps Sourcing Limited. The move has saved 87 jobs in the UK, according to administrators at FTS Recovery.

The insolvency firm announced the pre-pack sale in a press release, however, news had already broken yesterday (March 19) when Marco Piacquadio, director and head of recovery at FTS, who had been appointed to the case, stated the firm had completed a sale out of administration for ITS.

FTS has now issued formal confirmation of the transaction, however, terms and the value of the deal were not disclosed.

In the release, Piacquadio commented on the financial struggles ITS has been facing in recent years, stating: “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. 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.”

Alps Sourcing Limited snaps up ITS in pre-pack sale

FTS was 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 ITS 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.

Alps Sourcing Ltd is described as a supplier of fashion clothing for online and high street retailers and wholesalers.

This article was updated March 20, 16:20 CET, after receiving a press release from FTS formally confirmed ITS’ acquisition out of administration.