The founder of fast-fashion label In The Style has quit as a drawn-out takeover deal continues to rumble on.
Adam Frisby set up the Manchester-based brand from his bedroom in 2013 and served as its chief executive January 2022 but returned as CEO in December that year before again leaving the role 12 months later.
The move by Frisby to step away from the company comes as talks for it to return to the London Stock Exchange continue, after first being reported in March.
Frisby said he has “given up” all his shares in the firm and has “entirely left” the business.
‘I’ve tried my hardest to make things work’
In a statement posted on Instagram, Frisby said: “It is with a heavy heart I am sharing this update to announce I will no longer be part of In The Style.
“This really hasn’t been an easy decision for me and since stepping down as CEO at the end of 2023 I’ve tried my hardest to continue to make things work, but despite my best efforts, it’s now a decision I’ve had to make.
“As you all know, I absolutely loved ITS. Over the last 11 years I’ve put my all into that business.
“I was so very proud of everything it stood for and the good reputation that it had.
“You guys know me well enough to know that any decision to give up my shares and entirely leave the business I love and founded in my bedroom back in 2013 would have been incredibly difficult.”
He added: “Although I am gutted to be walking away, this is definitely isn’t the end for me in business and when the time is right I look forward to taking you all every step of the way with me on the next journey.”
In The Style reverse takeover talks continue
City AM reported in March that In The Style could be set to return to the London Stock Exchange through a reverse takeover deal.
The business had previously floated on AIM in March 2021 with a market capitalisation of £105m but was forced to sell itself for just £1.2m to avoid collapsing into administration two years later.
However earlier this year the company entered into a non-binding heads of terms with Iconic Labs.
ITS Holdings 2023 Ltd, which is owned by Baaj Capital LLP, holds the entire issued share capital of In the Style Fashion Ltd.
Iconic Labs, which is headquartered in London, was established as WideCells Group in 2018 and was based in Manchester.
The company suspended the trading of its shares at the end of February while it issued an update on the potential deal last month stating that talks were continuing.
In July, Iconic Labs’ replaced its chief executive Brad Taylor with John Farquharson on an interim basis.
In January this year, City AM revealed that In The Style’s revenue fell from £57.3m to £45.9m in the 12 months to March 31, 2023.
Its wholesale revenue was cut from £12.6m to £6m while e-commerce fell from £44.6m to £39.9m.
Its pre-tax losses also widened from £1.5m to £7.7m in the year.
In The Style’s accounts for its most recent financial year are due to be filed with Companies House by the end of 2024.