Belfast Telegraph

Liam Gallagher's struggling fashion chain to call in administrators

Liam Gallagher
Liam Gallagher

By David Reed

The fashion retailer set up by former Oasis frontman Liam Gallagher is expected to appoint administrators within days.

Pretty Green, which has a store in Belfast, has been struggling with falling demand on the high street.

The decade-old menswear business, which employs 180 staff across the UK, has filed a notice of intention to appoint Moorfields Advisory to handle an insolvency process.

Its dozen stores include a branch at Victoria Square and 40 concessions in other outlets such as House of Fraser.

Yesterday its Belfast store tweeted to say it was "business as usual today".

On Twitter, Gallagher, said: "As long as we've got our health, gotta put things into perspective." He then closed his tweet, "as you were PG I mean LG x".

The company's latest accounts, which referred to "another challenging period on the high street", disclosed a pre-tax loss of £1.5m in the 16 months to January 2018, despite revenue of £38.2m.

City sources told Sky News that the notice had been put down in order to create a window for Pretty Green to secure new investment. If a buyer is found, a deal would be implemented after administrators have been appointed.

Reports say there has been interest from potential bidders since Moorfields began running a process earlier this month.

Moorfields Advisory is understood to have told interested parties that Pretty Green's business and assets would not be sold solvently.

In a statement earlier this month, it said: "Pretty Green is not immune to the challenges facing the UK high street as customers migrate from purchasing in store to online.

"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."

The firm declined to comment further on Pretty Green's filing of a notice of intention to appoint it as administrator.

Pretty Green could not be reached for comment.

Belfast Telegraph

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