LONDON — Liam Gallagher’s men’s fashion brand Pretty Green is now in the hands of bankruptcy administrators, and what a fitting moment for it to have collapsed: A symbol of Cool Britannia, Gallagher and his company have failed just as Brexit-wracked Britain has become uncool.
Moorfields Advisory confirmed in a statement that they have taken over as administrators of Pretty Green Ltd. and Pretty Green Group Ltd., and are now managing the companies’ affairs, business and property. It said all stores and leased departments would continue trading until further notice.
Moorfields Advisory said it is continuing to look for a buyer for all, or part of the business. Simon Thomas, partner at Moorfields, said: “We continue to work closely with Pretty Green’s management and its advisers. Following a period of marketing, the brand attracted a large amount of interest, so we remain hopeful a deal can be done. We have informed employees about the process and will continue to keep them updated on developments.
“The brand has a strong following, and it is unfortunate that, similar to many other retailers who rely on concessions, they have suffered as a consequence of larger department store insolvencies,” he said.
Thomas added that the brand had experienced a “difficult 2018,” largely as a result of the House of Fraser administration impacting the leased department business and the challenging retail environment “as retailers struggle with increased costs and shift to online retailing.”
Launched in 2009, Pretty Green was founded by Gallagher, the former Oasis frontman who remains its largest shareholder. Pretty Green had attracted much attention when it opened, due to Oasis’ stratospheric fame in the Nineties — the era of New Labour, Tony Blair, and a surge of pride in British music, art, culture and fashion.
The brand took — and continues to take — inspiration from the Gallagher brothers’ Mod look and love of music. The name came from a track by The Jam, while the male shop assistants at Pretty Green on Carnaby Street sport shaggy Sixties haircuts.
The collections offer pieces such as parkas and Harrington jackets, T-shirts with the brand’s swirling psychedelic logo, along with paisley shirts and backpacks. Through the website, customers can tune into Pretty Green Radio on Spotify.
Two years ago, Pretty Green secured 11 million pounds in investment from the private equity firm Rockpool Investments. The brand has 12 stores, including its flagship in Manchester, and 33 concessions situated in House of Fraser stores.
According to the latest figures published on Companies House, the official register of U.K. businesses, the brand posted revenues of 38.2 million pounds and a loss of 1.5 million pounds in the 16 months ended Jan. 28, 2018. In the year ended January 2019 sales fell to 30 million pounds and the business employed more than 170 people.