In The Style’s recent sale to Baaj Capital leads to leadership changes, sparking transformations within the company.
- Founder Adam Frisby resigns from the board post-sale, alongside other key directors.
- The business is acquired by Baaj Capital for £1.2 million, as shareholders approve the deal.
- Frisby retains an equity interest in the new entity and assumes the role of CEO at ITSFL.
- The company’s name changes to Itsum plc to reflect its new status and differentiate from the brand.
In a significant transformation, Adam Frisby, the founder of In The Style, has stepped down from the company’s board following its sale to Baaj Capital. Joining him in departure are non-executive directors Nancy Cruickshank, Adam Bellamy, and Matthew Scaife. This reshuffling is set against the backdrop of a strategic acquisition that saw the firm being purchased for £1.2 million.
Following the approval of the sale by shareholders, who voted 58.92% in favour on 24 March 2023, Frisby has secured an equity position in the new company, ITS Holdings 2023 Limited (Bidco). More so, he has agreed to take on the role of CEO at ITSFL, marking a pivotal shift in his involvement with the firm.
To eliminate any potential for brand confusion, the company will adopt the new name Itsum plc. This rebranding underscores its transition to a cash shell, indicating the absence of an operating business, and signifies a fresh start for the entity.
The sale process was set in motion when In The Style revealed a downward trend in performance, highlighted by a profit warning in January. The company reported a loss exceeding £4 million for the previous year and noted a 22% decline in revenue during the last quarter of 2022. Ultimately, the firm’s market capitalisation did not align with its perceived growth potential, prompting the consideration of acquisition offers.
The strategic sale and leadership changes mark a new chapter for the company, setting the stage for future developments.
