Liam Gallagher’s fashion brand Pretty Green about to close down
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Liam Gallagher’s fashion brand Pretty Green is preparing to undergo insolvency proceedings.
The mod-inspired fashion label, set up by the former Oasis lead singer, will appoint administrators this week, enlisting Moorfields Advisory to handle the process.
A report by Sky News said the filing allows a certain time period for Pretty Green to secure a buyer. Commentators with knowledge of the transaction have revealed Moorfields to have been floating the label to potential purchasers throughout this month.
Pretty Green’s turnover rose to £38.2 million (US$50.33 million) in the 16 months to January last year, with pre-tax losses narrowing to £1.5 million ($1.98 million) from a £5.6 million ($7.38 million) loss.
The brand has suffered under the flailing retail environment in the UK. A spokesperson for the brand said “Pretty Green is not immune to the challenges facing the UK high street as customers migrate from purchasing in store to online”.
Questions & Answers
Q.Which firm has been appointed to manage the insolvency process for Pretty Green?
Which firm has been appointed to manage the insolvency process for Pretty Green?
Moorfields Advisory will be handling the insolvency proceedings for Liam Gallagher's fashion brand. They have also been trying to find potential buyers throughout this month.
Q.What were Pretty Green's financial results leading up to last year?
What were Pretty Green's financial results leading up to last year?
Pretty Green's turnover reached £38.2 million in the 16 months to January last year. Pre-tax losses narrowed to £1.5 million from a previous £5.6 million loss.
Q.What reason did the brand give for its current difficulties?
What reason did the brand give for its current difficulties?
A brand spokesperson stated that Pretty Green is facing challenges due to the UK high street's difficult environment, as customers increasingly shop online instead of in stores.
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