In The Style has agreed to sell itself for £1.2 million in order to avoid administration.
The move follows a strategic review in which the company considered several options, including a possible sale of the business.
In The Style will be acquired by Baaj Capital, a UK-based private family office. The offer includes a pre-condition that founder Adam Frisby agrees to take an equity position in the newly established company formed for the purposes of the sale. He will also become chief executive on completion.
In addition, non-executive directors Nancy Cruickshank, Adam Bellamy and Matthew Scaife will step down from the board when the sale completes without pay in lieu of notice.
