Liam Gallagher’s clothing business latest to be hit by high street spending slump
A clothing brand launched by former Oasis frontman Liam Gallagher has called in specialists to advise on its future.
Pretty Green was launched by the frontman back in 2009.
The brand has been making a loss for some time and has called in the advisers to look at various options.
A spokesperson told the trade journal Drapers it was “not immune to the challenges currently facing the UK high street”.
It has appointed restructuring and insolvency experts Moorfields Advisory to look at various options including a sale.
A spokesperson for Moorfields said: “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.”
Pretty Green was seriously affected when House of Fraser collapsed into administration in August.
House of Fraser owed the brand just over £500,000.
The department store was a makor stockist and had 20 concessions compared with the brand’s 12 standalone stores.
Pretty Green chairman Simon Rendell stepped down in December and the finance director Matthew Emerson has also parted company with the business.
The brand increased sales by 32% last year, but made a pre-tax loss of £1.5m, after a £5.6m loss the year before.
Pretty Green also incurred costs of more than £333,000 relating to an abandoned stock market flotation.
It received an £11m cash injection from Rockpool Investments in 2017 to help expand the business.
The potential sale of Pretty Green comes less than a week after the collapse of fashion brand LK Bennett.
Administrators at EY said they remain hopeful of finding a buyer.
