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.
Long established double glazing business in operation for over 35 years. Specialise in the supply and installation of quality windows, doors, conservatories, repairs & roofline replacements. Offers invited.
Providing cost-effective and fully refurbished devices to an international client base. Products supplied by the business include smartphones, tablets, smart watches and associated accessories from major international brands such as Apple and Samsung...
FREEHOLD
Very busy convenience store in South Yorkshire. Evidence of turnover and accounting information will be provided at viewing. Offers invited.
LEASEHOLD
|
23
|
|
May
|
Fintech company Loot collapses into administration | ADMINISTRATION
After failing to secure further backing from the Royal Bank ...
|
22
|
|
May
|
Spike in M&A activity in the education sector | BUSINESS SALE
In recent months, the education sector in the UK has witness...
|
22
|
|
May
|
Jamie Oliver restaurant empire collapses into administration | ADMINISTRATION
Celebrity chef Jamie Oliver, who shot to fame after campaign...
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