// Pretty Green, the retailer majority-owned by Liam Gallagher, attracts interest from buyers
// Pretty Green reportedly filed a notice of intent to appoint administrators last week
// Pretty Green’s fortunes took a hit from House of Fraser administration
Pretty Green has reportedly attracted the interest of several prospective buyers who are mulling bids to take over the retailer.
According to Drapers, the menswear retailer and brand – of which former Oasis frontman Liam Gallagher is believed to be the biggest shareholder – has been in conversations with “a number of interested parties”.
READ MORE:
Sources speaking to Drapers said a management buyout of Pretty Green was likely, although all options were being explored.
The outcome could be known in the next few days.
The news comes after Pretty Green was reportedly preparing to appoint administrators sometime this week.
According to Sky News, last week the retailer filed a notice of intention to appoint Moorfields Advisory to handle an insolvency process.
If a buyer is found for the mod-inspired fashion label, a deal could be implemented after administrators have been appointed.
Moorfields is believed to have told interested parties that Pretty Green’s business and assets would not be sold solvently.
Pretty Green’s turnover jumped to £38.2 million in the 16 months to January 2018, and its pre-tax losses narrowed to £1.5 million from a £5.6 million loss.
However, the business is believed to have taken a hit from House of Fraser’s administration in August.
It was reportedly left around £500,000 out of pocket from House of Fraser’s collapse, becoming one of hundreds of suppliers to lose money.
Moorfields added that Pretty Green had also been affected by the weaker retail environment.
Click here to sign up to Retail Gazette‘s free daily email newsletter
