Liam Gallagher’s Pretty Green officially falls into administration

6384
Pretty Green administration
// Liam Gallagher’s Pretty Green collapses into administration after weeks of speculation
// 180 jobs at risk
// Moorfields Advisory Limited appointed administrators

Pretty Green has been officially fallen into administration after weeks of speculation, placing 180 jobs at risk.

Simon Thomas and Nicholas O’Reilly of Moorfields Advisory Limited were appointed joint administrators at the end of last week.

The news comes after reports that Pretty Green – of which former Oasis frontman Liam Gallagher is believed to be the biggest shareholder – had been in conversations with “a number of interested parties”.

A deal could be still be implemented to save the business and its employees if administrators find a buyer.

“Pretty Green is not immune to the challenges facing the UK high street as customers migrate from purchasing in store to online,” a spokesperson for Moorfields said.

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 retailer 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 and concessions to lose money.

Since last year, a dozen of fashion labels have fallen into administration, including upmarket womenswear brand LK Bennett, couturier Hardy Amies, slipper brand Mahabis, menswear retailer Blue Inc. and House of Fraser.

The latter had a significant effect on Pretty Green’s bottom line, as it owned it £500,000 when it collapsed.

Founded in 2009 and based in Manchester, Pretty Green has 12 standalone stores across the UK, around 40 concessions plus a wholesale division.

All stores and concessions will continue trading until further notice.

Click here to sign up to Retail Gazette‘s free daily email newsletter