Fashion brand, Pretty Green is set to draft in administrators this week after it filed a notice of intention to appoint Moorfields Advisory to handle an insolvency protest.
The brand, owned by Oasis frontman Liam Gallagher, called in advisors from the accountancy firm last month after sources told Drapers the business had been hit “pretty badly” when House of Fraser’s website went offline in 2017, following a dispute with warehouse operator, XPO Logistics.
Pretty Green’s notice of intention is set to expire this week, and had been drawn up as a way for the firm to attract new investment. If the company is to find a buyer or further investment it is said that a deal would be implemented after the administration process had been initiated.
There has been interest from bidders since the company appointed Moorfields, who handled the administration of Toys R’ Us last year.
In a statement released earlier this month, a Moorfields Advisory spokesperson, 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.”
Gallagher responded to the potential administration on Twitter, telling his followers: “As long as we’ve got our health eh gotta [SIC] put things into perspective.”
He also denied that Mike Ashley would be buying the company before telling another follower that he felt the brand would “never die”.
As long as we’ve got our health eh gotta put things into perspective as you were PG I mean LG x
— Liam Gallagher (@liamgallagher) March 22, 2019
PG will never die man it’ll come again bigger n better alrite
— Liam Gallagher (@liamgallagher) March 23, 2019