// In The Style explores £100m stock market listing
// Adam Frisby founded the fast fashion retailer in 2013
// In The Style finance boss and operating director Paul Masters owns 6.6% of shares
In The Style founder Adam Frisby is in line for a bumper payday as the online fast fashion retailer explores a £100 million stock market listing.
Frisby, who set up the retailer in 2013, currently owns 40 per cent of the company.
He is currently seeking to sell a small proportion of his shares in the float.
Causeway Capital owns 51 per cent of the company as it converts some preference shares into ordinary shares ahead of the listing.
Causeway injected £2.5 million into the retailer two years ago after previous investor Livingbridge exited.
In The Style finance chief and operating director Paul Masters owns 6.6 per cent of the shares at present.
The retailer posted sales of £41 million for the 12 months to the end of December, and adjusted underlying profits of £3.6 million for a nine-month period.
It said it had 700,000 customers in 2020, up 61 per cent from the previous year.
“Since our launch back in 2013, we have strived to do things differently by ensuring we empower our customers to be brave, embrace body confidence and, most of all, love themselves for who they are,” Frisby said.
“We have a fast-growing customer base, a highly relevant brand and a pipeline or exciting initiatives. We are confident that we can build on our strong foundation to achieve our growth plans.”
Bankers at Liberum have shown interest from prospective investors with a view to float the business on March 17.
Two independent non-executive directors Nancy Cruickshank and Adam Bellamy will join the board on admission.