The former owner of Salford-based fast-fashion brand In The Style has been handed a lifeline by the boss of the company set to operate the UK National Lottery from February next year.
Itsarm plc had been expected to collapse into liquidation but will now be saved if a winding-up petition is withdrawn or dismissed by the end of the month.
That would allow Allwyn chief executive David Craven and fellow proposed new director Jean-Paul Rohan to lead a reverse takeover of the business. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. Itsarm plc has been haemorrhaging money since it was forced to sell its only operating company, In The Style, in March to a private equity firm for £1.2m in a bid to avoid entering administration.
Since then, Itsarm has remained listed on the London Stock Exchange's AIM and has been attempting to find a way to close down.