// Liam Gallagher’s fashion label files notice of intent to appoint administrators
// Gallagher, former frontman in Oasis, is biggest shareholder of the brand
// Pretty Green’s business is believed to have taken a hit from House of Fraser administration
Pretty Green, the fashion retailer set up by Liam Gallagher, is reportedly preparing to appoint administrators this week.
According to Sky News, the menswear business has filed a notice of intention to appoint Moorfields Advisory to handle an insolvency process.
According to sources cited by Sky News, the week-long notice has been put down in order to create a window for Pretty Green to secure new investment.
If a buyer is found for the mod-inspired fashion label, a deal could be implemented after administrators have been appointed.
Sources close to the deal said Moorfields has been assessing interest for Pretty Green from potential bidders throughout March, under the code name Project Sky.
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 the department store’s administration, becoming one of hundreds of suppliers to lose money.
Moorfields added that Pretty Green had also been affected by the weaker retail environment.
“Pretty Green is not immune to the challenges facing the UK high street as customers migrate from purchasing in store to online,” a spokeswoman said at the time.