Loss-making label founded by ex-Oasis frontman reviewing options including sale
Liam Gallagher’s loss-making menswear brand Pretty Green has appointed advisers to review options for the future of the business.
The brand, founded by the former Oasis frontman in 2009, told the trade journal Drapers it was “not immune to the challenges currently facing the UK high street” and had appointed restructuring and insolvency experts Moorfields Advisory to help consider ways forward, including a sale.
“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,” Moorfields said.
Pretty Green took a hit when House of Fraser collapsed into administration in August, owing the brand just over £500,000. The department store was a significant stockist, housing 20 concessions compared with the brand’s 12 standalone stores.
The company’s chair, Simon Rendell, stepped down in December and the finance director, Matthew Emerson, left last week, according to filings at Companies House.
The brand increased sales by 32% last year, but made a pre-tax loss of £1.5m, after a £5.6m loss a year before. The accounts show Pretty Green 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 after LK Bennett, a fellow House of Fraser concessionaire, collapsed into administration this week. Administrators at EY remain hopeful of finding a buyer.