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.
For more news stories about administrations click here. For all our administrations listings, click here.
Well-established and popular newsagent business, which is ideally located within the popular town of Helston, Cornwall. The business has built up an excellent reputation within the area for the high quality of the goods offered, which has resulted in...
FREEHOLD
The business is run & managed by the owner & 1 part time staff members. An exciting opportunity to acquire an exceptionally well run and performing, “turn key” mini supermarket store business with an excellent reputation. The business has been placed...
FREEHOLD
Owner ran with sub-contractor staff. An extremely highly rated and well known, double glazing installation company, located on Gerrards Park, St Helens. Established by our client in 2013 and now offered for sale due to retirement. The business specia...
LEASEHOLD
|
20
|
|
Aug
|
EAG construction business snapped up by Elaghmore | BUSINESS SALE
English Architectural Glazing Limited (EAG) has been snapped...
|
19
|
|
Aug
|
Childcare entrepreneur boosts portfolio with Liverpool acquisition | BUSINESS SALE
The Griffin Nursery, a children’s day nursery in Bootl...
|
15
|
|
Aug
|
Payroll and HR companies acquired by software group | BUSINESS SALE
IRIS Software Group has finalised the agreement of intent to...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources