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.
Supplies a range of products, including crates, beds, leads and toys to private and trade customers across the UK and internationally. The company owns the full product ranges and IP for brands of dog identification tags which can be engraved in-hous...
LEASEHOLD
Sustains and generates consistent revenue through the use of a strong online presence. Provides a wide range of personalised and bespoke gifts, including homeware and glassware products. Enviable international client base that comprises long-standing...
LEASEHOLD
Provides a wide range of new and used motorcycles from seven of the industry’s top brands, as well as offering repairs and servicing for all brands. Supplies a variety of motorcycle clothing and accessories. Large regional and national customer base....
LEASEHOLD
|
08
|
|
Apr
|
Insurance broker bought out of administration | BUSINESS SALE
Flintshire-based insurance broker Staveley Head has been acq...
|
07
|
|
Apr
|
Treasury plan to save medium-sized businesses by taking emergency stakes | BUSINESS NEWS
The Treasury is understood to be considering user taxpayer m...
|
07
|
|
Apr
|
Clarks makes store closures and explores financing opportunities | COMMERCIAL PROPERTY
Footwear retailer Clarks has confirmed that it will close a ...
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