Liam Gallagher’s Pretty Green tells Administrators: “Be Here Now”
The singer decided “I’m Outta Time” and instead of asking shareholders to roll with it and stand by me, his company appointed Moorfields Advisory as administrators to begin the insolvency process.
Turnover had been supersonic whatever critics might suggest as it rose to £38.2 million in the 16 months to January 2018 with pre-tax losses reduced to £1.5m down from £5.6m.
Pretty Green were affected from House of Fraser’s administration last year as they sold some of their stock exclusively in the retailer’s stores and also suffered when their website went offline following a dispute with warehouse operator XPO Logistics. This left the company half the world away from being able to pay its debts as they fall due.
Where did it all go wrong?
Not many businesses live forever and a 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.”
If shareholders decide to stop crying their hearts out, thinking they ain’t got nothin’ and asking “where did it all go wrong?” then there is an opportunity for the brand to be revived.
Especially if they acquiesce to the masterplan of new investment or a restructure and don’t look back in anger then there is every chance Pretty Green won’t slide away but will remain alive.
He told followers on Twitter earlier this week that he was keeping things in perspective.
If your thinking “don’t go away” about your business and want it to be Gettin’ Better (Man) then say Hello to one of our team of business Heroes who can Talk Tonight about your options how you can get back to the top of the charts again.
It was announced today that JD Sports had bought the company out of administration but only planned to keep the flagship Manchester store open.