Mon, 01 Apr 2019 | ADMINISTRATION
Pretty Green, the men’s fashion retailer established by English rock band Oasis’ singer Liam Gallagher, has collapsed into administration.
The fashion chain has been forced to call in insolvency practitioners Moorfields Advisory Limited to handle the administration process, with partners Simon Thomas and Nicholas O’Reilly appointed as joint administrators.
Established in 2009, Pretty Green has 12 stores across the UK which will continue to trade until further notice. The company is also sold at a number of concessions in department stores like House of Fraser.
However, reports have claimed that the House of Fraser administration itself put a financial strain on the company, leaving it roughly £500,000 out of pocket as a result.
A spokesperson for the brand said: “Pretty Green is not immune to the challenges facing the UK high street as customers migrate from purchasing n store to online.
“The growing overall demand for the brand, coupled with a strong online customer base, position the company well to navigate these changes and we are therefore considering all options.”
Named after a song by The Jam, Pretty Green recorded a turnover (in the 16 months leading to January 2018) of £38.2 million. It further accounted a pre-tax loss of £1.5 million, narrowing from the original £5.6 million loss.
According to inside sources, Pretty Green is in talks with a number of interested parties regarding a potential sale, but invitations from buyers are being encouraged in a bid to find new ownership for the business.
Presently, Liam Gallagher is the largest shareholder of the company.
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