Pretty Green files for administration
After weeks of speculation, Liam Gallagher’s Pretty Green brand has been placed into administration, putting 180 jobs at risk.
Simon Thomas and Nicholas O’Reilly of Moorfields Advisory Limited have been appointed joint administrators of the menswear brand, which becomes the latest well-known retailer to fall victim of the tough retail environment in the UK.
“Pretty Green is not immune to the challenges facing the UK high street as customers migrate from purchasing in store to online,” said spokesperson for Moorfields.
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.
Pretty Green has 12 stores across the UK, around 40 concessions and a wholesale business. It made a turnover of £28m in the year to January 31, with an Ebitda profit of £176,000.
A number of buyers are interested in acquiring the well-established label, which has Oasis frontman Liam Gallagher as its largest shareholder and is backed by private equity firm Rockpool Investments.
Pretty Green said all stores and concessions will continue trading until further notice.
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