A significant transition has occurred within ‘In The Style’ as founder Adam Frisby steps down following the sale of the business.
- The company was sold to Baaj Capital, a UK-based private equity firm, in a transaction valued at £1.2 million.
- Several key board members, including non-executive directors, have also resigned amid these changes.
- The company’s transformation includes a name change to Itsum plc, marking its shift as a cash shell.
- Shareholders approved the sale with a 58.92% majority vote, establishing new leadership under a revised board.
In a notable industry shift, Adam Frisby, the founder of ‘In The Style’, has officially resigned from the company’s board following its recent acquisition. This development comes as Baaj Capital, a prominent private equity firm based in the UK, purchased the business for £1.2 million, marking a new chapter for the brand. The departure of Frisby was part of a broader board restructuring which also saw the exit of non-executive directors Nancy Cruickshank, Adam Bellamy, and Matthew Scaife.
The company’s shareholders demonstrated their support for the sale with a vote, where 58.92% favoured the transition. This endorsement reflects a strategic move aimed at unlocking the potential value within the business framework under new ownership. With the integration of Baaj Capital, a newly formed entity termed ‘ITS Holdings 2023 Limited (Bidco)’ has been established, with Frisby taking on an equity position as well as assuming the role of CEO for ITSFL.
A significant part of the sale agreement involves rebranding the company from ‘In The Style’ to ‘Itsum plc’. This name change is designed to eliminate brand confusion and emphasise the company’s current operational status as a ‘cash shell’, indicating an absence of active business operations. This transformation highlights a strategic pivot in response to the evolving market dynamics and the company’s internal assessment of its growth trajectory.
The decision to sell part of the business was initiated in December 2022, when ‘In The Style’ faced a challenging market environment, evidenced by a 22% drop in total revenue over the last quarter of the year. The company’s profit warning, issued in January, projected losses exceeding £4 million, underscoring the financial hurdles encountered. These financial insights underscored the imperative to explore new opportunities for the brand’s long-term viability.
The strategic changes at ‘In The Style’ mark a pivotal moment, aligning the company with a forward-focused trajectory under new leadership.
