Time seems to be running out for In the Style — the influencer-linked fashion e-tailer — with a report that it’s on the verge of an administration filing.

Owner Baaj Capital is believed to be prepping FTS Recovery as administrator to the fast-fashion business, according to Sky News, which has a good track record of reliability on fashion and retail industry stories.

It’s only two years since the then-10-year-old business was sold and would be yet another low point in what had seemed to be a major success story not so many years ago.

Emerging from the Manchester online fast-fashion scene in 2013, it listed on the stock exchange in 2021 and at one point was valued at £105 million. But in a ‘fire sale’ to avoid administration two years later it fetched just £1.2 million.

The reborn company filed its accounts in December for the year to the end of March 2024 with a pre-tax loss of £2.6 million and a net loss of £2.61 million. Both those figures were better than the losses of the previous year but with revenue plummeting from £45.9 million a year earlier to £30.4 million this time, news that the company was selling more items at full price was scant comfort.

The brand launched its latest celebrity collab earlier this month (with BBC Strictly Come Dancing 2024 show winner Dianne Buswell) but its future looks very unclear at present.

Sky News said a source believes a pre-pack insolvency process potentially involving Baaj Capital is a possible outcome.

Baaj was also in the news recently as it was seen as the frontrunner to buy discount chain The Original Factory Shop, but was beaten by a higher offer from retail investor Modella Capital.