The sale of In The Style to private equity firm Baaj Capital prompts significant board changes.
- Adam Frisby, founder of In The Style, steps down from the board following the company’s acquisition.
- The sale was approved with a 58.92% shareholder vote in favor of Baaj Capital’s acquisition for £1.2 million.
- Following the sale, the company will be renamed Itsum plc, marking a strategic shift to become a cash shell.
- In January, In The Style forecasted a significant loss, prompting initial sale discussions.
The sale of In The Style to Baaj Capital has led to significant changes within the company’s board. Adam Frisby, the founder, along with non-executive directors Nancy Cruickshank, Adam Bellamy, and Matthew Scaife, have stepped down. This change comes as part of the completion of the sale announced earlier this month.
In a decisive move, shareholders voted 58.92% in favor of the acquisition by UK-based private equity firm Baaj Capital for £1.2 million. This strategic decision marks a new chapter for the company, led by Chairman Jim Sharp and Chief Financial Officer Richard Monaghan, who remain on the board.
Frisby has agreed to take an equity position in ITS Holdings 2023 Limited, also known as Bidco, which was newly established for the purposes of this acquisition. In addition to his equity stake, Frisby will assume the role of CEO of ITSFL.
To reflect its new direction, the company will be renamed Itsum plc. This change is aimed at avoiding confusion with the In the Style brand and aligns with its transition to a cash shell entity, indicating it now lacks an operating business.
Earlier this year, In The Style issued a profit warning, forecasting a loss exceeding £4 million. The company’s revenue had plummeted by 22% in the last quarter of 2022, a factor which catalyzed the decision-making process to explore a sale starting December 2022.
The sale of In The Style indicates a pivotal transition both in corporate leadership and strategic business direction.
