New UK National Lottery boss hands lifeline to former In The Style owner

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Itsarm plc had been expected to collapse into liquidation but will now be saved if a winding-up petition is withdrawn or dismissed by the end of the month.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.

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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. In June, the company revealed plans to bypass its shareholders and enter compulsory liquidation.

At the time, the business said there was a "significant risk "that creditors of the company would "suffer detriment" if it was not placed into a formal insolvency procedure immediately. That came after the company failed to secure the backing of its shareholders to de-list from AIM and enter liquidation in May.

In The Style was founded by Adam Frisby who led it to float on AIM in March 2021 with a market capitalisation of £105m.

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As Allwyn's CEO, Mr Craven recently led the company in its successful bid to operate the UK National Lottery and the subsequent buyout of incumbent operator Camelot. He was also a co-founder of broadband and interactive TV media