Salford-based fashion firm In The Style announced it will conduct a strategic review of the group’s business as a whole and has appointed investment bank Lincoln International to assist with the process.

In The Style’s Founder Adam Frisby will return to the role of CEO on an interim basis.

In The Style’s share price has fallen about 88% in the past year to around 13p to give the firm a stock market value of only £7 million.

Current CEO Sam Perkins will step down as CEO on December 31, 2022. 

Frisby led In The Style as CEO for seven years until January 2022 and since then has held the role of chief brand officer, with responsibility for developing the group’s influencer partnerships and the brand’s creative direction.

” … the board believes that there has been limited liquidity for In The Style’s shareholders for some time and that the current market capitalisation of the company does not properly reflect the underlying growth potential of the group which may be better realised under an alternative ownership structure,” said In The Style.

“The board has, therefore, decided to conduct a strategic review of the group’s business as a whole and has appointed Lincoln International to assist with this process.  

“The outcome of the strategic review may or may not result in a sale of the company or some or all of the group’s business and assets.  

“The company is not in talks with any potential offeror and is not in receipt of any approach with regard to a possible offer.”

In The Style also announced results for the six months ended September 30, 2022, showing revenue fell 11% to £26.6 million and a pretax loss of £3.1 million was reported compared to a profit of £890,000 a year prior.