Pre-packs galore, our own deal, and how a HS2 eviction turned out OK
PLUS: Rainmaker Award news and last call for conference tickets
Hello Rainmakers,
This is your Friday freebie, but remember, Subscribers were treated to a blast from our Secret Investor this week, and a delve into the exodus from the London stock market.
At the end of the week, as we scour the regions for juicy deals stories we have a look at a few pre-pack deals.
Sometimes these are a chance to wipe the slate clean and move on.
Other times, just the latest drama in a long running saga. There’s a mix of those here, we’ll leave you to guess which category they fall into.
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IN THE STYLE - PRE PACK FOR SPRINGTIME
Troubled fashion retailer In the Style Fashion has been sold in a pre-back deal with investor Baaj Capital rolling its investment into a new entity, after the Salford headquartered business briefly entered administration.
The business has been acquired by a company called “Alps Sourcing Limited”, and 87 jobs have been saved. Previously the business employed 140 people in an office in Salford and a warehouse in Heywood.
Alps Sourcing is controlled by Ajay Sidana and supplies fashion clothing to online and high street retailers and wholesalers. His previous businesses include Sphere Clothing (in liquidation) and he is listed as a director of Forever Unique the wholesale arm of a fashion company run by Real Housewives of Cheshire star, Seema Malhotra.
The pre pack sale of the company was negotiated by Marco Piacquadio and Alan Coleman of boutique insolvency firm FTS Recovery, who were appointed as administrators on 10 March 2025 after “rising costs and various economic headwinds” played their part in bringing about formal insolvency proceedings.
Baaj has rolled its facility into the purchasing entity, as a part of the transaction.
FTS Recovery director Marco Piacquadio confirmed to TheBusinessDesk.com yesterday (20 March 2025): “The company’s balance sheet has been laden with significant debt for some time.
“That debt has led to issues with cash flow and had an impact on suppliers.
“Since being brought in to help, our focus has been to seek to rescue as many elements of the business as possible. It is always difficult trying to achieve a rescue against the backdrop of a relatively high profile matter, particularly where elements of the brand and goodwill are under daily scrutiny.”
He added: “We are really pleased to have secured this outcome and to have rescued so many jobs. It is hoped that this rescue will allow the new owners the platform to work again with key stakeholders in the future.
“This sale marks a turning point in the company’s fortunes and an opportunity to return it to a position of profitability and financial stability.”
In February In the Style Fashion filed a notice of intention to appoint administrators in the courts, submitted by Excello Law.
The business, which relies heavily on fashion influencers to promote its clothing, has an office in Clifton, Salford and operates a warehouse in Heywood and employed 140 staff.
In its last set of accounts the year the business made a loss of £2,610,000 on revenues of £30.4m, a reduction from the previous year’s loss of £8.48m on sales of £45m.
In March 2023 the business was “rescued” by Baaj Capital, which saved the company from collapsing into administration. Accounts show that a £3m support facility from Baaj has supported the business, giving auditors comfort that the business was a going concern until March 2026.
Baaj is wholly-owned by Jaswinder Singh its founder.
In the Style floated on AIM in March 2021 with a market value of £105m but its share price collapsed.
On December 8, 2022, it announced it had launched a strategic review that could result in a sale of all or part of the company. It revealed it had made a pre-tax loss of £3.1m in the six months to September.
In 2023 the founder Adam Frisby won a legal case over the name and concept of the business, but left the company shortly after.
He said: “After nearly a decade of living and breathing In The Style, I made the difficult decision to step away due to a change in ownership that didn’t align with my morals and values. Leaving was heartbreaking, but I knew it was the right choice for me at that time.”
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The importance of a deal often depends on your perspective, so for the Rainmakers team the outstanding M&A activity was...our own, with TheBusinessDesk.com acquiring South West business news publisher West Business News.
It's a statement of intent for us in the region, which we launched in 2023 to expand our reach outside the North and Midlands.
And we now have an appreciation for how the deal announcement becomes an after-thought, but more importantly how getting a deal over the line can whet the appetite for the next one!
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Stoke-on-Trent-based Prestige Aggregates Holdings has rescued Prestige Aggregates from administration, keeping jobs intact and the business rolling.
The Sheffield-based aggregates supplier and manufacturer hit a rough patch after a risky expansion into waste glass recycling, which collapsed between July and December last year.
Enter new owners Jonathan Prutton and Philip Horsnall - construction and demolition veterans - who now hope to rebuild.
They launched Prestige Aggregates Holdings in January, using the same name as the Sheffield manufacturer - after all, why throw a good one away?
Let’s hope the company’s rocky times are behind them, and they stay on solid ground from now on.
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A Leicestershire plant hire firm has been saved from the jaws of administration, with all jobs spared.
County Plant Hire, trading as Apex Plant from Lutterworth, has been renting out construction equipment since 2007.
The company hit a few bumps when the pandemic struck in 2020/21, and while things improved in 2022/23, changes to building regulations left them in a bit of a scrap.
But never fear - BRI Business Recovery and Insolvency stepped in and started digging for solutions.
On March 11, 2025, a pre-packaged sale was agreed upon, allowing the business to gear up for a bright future.
Looks like Apex Plant is back on its feet and ready to lift itself to new heights.
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Some good news for those of us getting to an age and stage where our joints just aren't what they used to be.
Eventum Orthopaedics, a West Yorkshire-based medtech company which has developed a device that could revolutionise knee replacement surgery, has raised a further £3.8m. This backing has come from NPIF II - Mercia Equity Finance, which is managed by Mercia Ventures as part of The Northern Powerhouse Investment Fund II.
Eventum, which employs a team of 10 at its headquarters in Ilkley, was founded in 2020 by former medical executives John Naybour and Paul Atherton. Eventum's QuadSense device helps surgeons to precisely cut and place the kneecap in total knee replacements. Over two million patients a year have knee replacements globally, yet around 20 per cent are not fully satisfied with the outcome.
Eventum has appointed distributors in the UK and overseas and is developing similar devices for shoulder and hip operations. We look forward to another (hopefully pain free) leap forward for Yorkshire's flourishing medtech sector.
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There are a myriad of reasons that lead to a company making acquisitions. Getting a windfall from HS2 after they turf you out of your premises was a first though.
Never one to let a good crisis go to waste, schoolwear company The Parently Group put aside what it admits was the distraction of having to move to a new base in Bredbury, Stockport and has acquired Dorset-based Term Footwear.
It’s the first acquisition for Parently, a manufacturer of childrenswear which owns the David Luke school uniform brand, footwear and clothing brand Grass & Air and sportswear brand Juco, after it was paid £4.16m after its premises in Ardwick, just south of Manchester Piccadilly station, were compulsory purchased by HS2.
To get over the distraction, which saw turnover drop to £11.2m from £14m the previous year, Parently demonstrated remarkable resilience to get through it and has now acquired Term, based in Poole, Dorset, a trusted brand for kids shoes.
Kathryn Shuttleworth, chief executive of The Parently Group, said: “This move into school shoes comes at a time when the school uniform market is undergoing significant changes, driven by shifting ownership models and legislative uncertainties.
“In these times, diversification for wholesalers and retailers is essential. Expanding our offerings builds resistance and reduces risk as markets and products evolve.”
Danielle Tierney and Ben Bradley of Hurst Corporate Finance advised Parently on the acquisition. Mark Winthorpe and Arshnoor Amershi, of Pannone Corporate, provided legal advice.
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TheBusinessDesk.com’s Rainmaker Awards return this summer and will showcase a wider cross-section of the region’s deals community.
The hotly-contested regional corporate finance awards will continue to recognise teams, individuals and deals, and the shortlist and winners will be decided on by the community, as always.
This year we are asking all firms to submit a short entry, along with the key deals they have advised on, to ensure our judges have the full information when making their selections.
Once entries have been submitted the shortlists will be drawn up in the usual way, with TheBusinessDesk.com hosting 40+ leading corporate finance professionals on a judging day. Those shortlists are then voted on by a wider group of people from across the community, on a strict one vote per firm basis, to decide our 2025 winners.
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