Liam Gallagher‘s menswear brand Pretty Green has called in advisors to review options for the future of the business.
A spokesperson for the brand told the trade journal Drapers that it was “not immune to the challenges currently facing the UK high street” and had appointed restructuring and insolvency experts Moorfields Advisory to assist in considering the brand’s future plans, 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.
Founded by the former Oasis frontman in 2009, and named after The Jam‘s 1980 song, the brand’s mission statement read: “Since the birth of rock ‘n’ roll in the late 1950s, British street culture has been influencing fashion and music worldwide. Pretty Green has an authenticity borne of a deep understanding of that culture and the things that make it relevant today.”
Pretty Green took a hit when House of Fraser fell into administration in August 2018 and was owed just over £500,000 by the department store, which housed 20 concessions compared to the brand’s 12 standalone stores.
Although it increased sales by 32 percent last year, Pretty Green made a pre-tax loss of £1.5m, after a £5.6m loss a year before. The accounts show the brand 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 Gallagher’s menswear brand comes after LK Bennett, a fellow House of Fraser concessionaire, collapsed into administration this week. Administrators at EY remain hopeful of finding a buyer.
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.
He tweeted: “Rite brothers n sisters need your help we’ll not really just thought I’d get you involved as your always banging on about how much I never interact with youse putting 5 new oasis songs in setlist you lucky fuckers can choose them [off] you go LG x”
He made it clear there was one song for sure he wouldn’t be including. “Not having roll with it ya fuckers,” he said.
Source: NME