Liam Gallagher’s Pretty Green fashion brand has been acquired by JD Sports, bringing the company out of administration.
The fashion firm brought in advisors from accountancy outfit Moorfields Advisory last month to undertake what it called a “strategic review”. Those advisors subsequently became administrators for the business, charged with the task of finding a buyer.
Pretty Green faced many of the same challenges as other high street retailers, but there were some specific issues as well. Although it has its own stores, the company also relied on a sizable partnership with House Of Fraser.
When that department store chain went into administration last year, Gallagher’s company was negatively impacted. While House Of Fraser was subsequently bought by Sports Direct, Pretty Green still lost £500,000 in the process.
“We are pleased to have completed the acquisition of the highly regarded Pretty Green brand”, says JD Sports Executive Chair Peter Cowgill. “We look forward to working with the team on future positive developments”.
Moorfields’ Simon Thomas adds: “Pretty Green is a popular brand and received a considerable amount of interest. We are confident that JD Sports is the right fit for the business and will help to grow its online and wholesale channels”.
As part of the JD Sports deal, eleven Pretty Green stores and 33 House Of Fraser concessions will be closed. But it has been confirmed that the flagship store in Manchester will be saved.
News Sourced from Complete Music Update
By Andy Malt
