In The Style Group PLC (AIM:ITS) shares tanked 76% after the retailer announced it has agreed to be sold in a £1.2mln deal that avoids administration.
The online fashion retailer, which followers of the company will know was valued at £105mln when it floated in 2021, will be acquired by private equity investor Baaj Capital.
The founder and boss Adam Frisby will take an equity position in the newly established bidco formed for the purposes of the sale, becoming the chief executive of the business upon completion.
The sale comes after challenging trading in the first two months of 2023, though the company launched a strategic review in December after a period of sustained tough trading.
In early trade, the stock was down 5.34p at 1.66p, valuing the business at just £870,000.