Liam Gallagher’s Pretty Green clothing line ‘will be unable to pay creditors the £16m it owes because of insufficient funds’
The clothing line Liam Gallagher founded, named Pretty Green, is reportedly unable to pay back creditors the £16 million it owes because of insufficient funds.
The Oasis hitmaker, 48, launched the menswear brand in 2009 to replicate his own eclectic sense of style, and was hoping for a boost in sales after being acquired by JD Sports when it plunged into administration in 2019.
According to reports from The Sun on Thursday, paperwork from the company show that creditors will just be given a share of £133,751.
Claim: Liam Gallagher’s Pretty Green clothing line ‘will be unable to pay creditors the £16m it owes because of insufficient funds’, it was reported on Thursday (Liam pictured in 2020)
A report by administrators filed to Companies house said: ‘The administrators have received claims totalling £13,188,853 from 172 creditors in respect of Pretty Green Ltd.
‘The administrators are yet to receive claims from 108 creditors whose debts total £2,541,836.
‘Based on current information, and in accordance with the information available at the time of the Proposals, the Joint Administrators do not anticipate there being sufficient funds to enable a dividend to be paid to the unsecured creditors other than by virtue of the Prescribed Part.’
MailOnline has contacted representatives for Liam Gallagher for further comment.
Money woes: The Oasis hitmaker launched the menswear brand in 2009 to replicate his own eclectic sense of style, and was hoping for a boost in sales after being acquired by JD Sports (pictured in 2009)
Funds: According to reports, paperwork from the company the singer founded show that creditors will just be given a share of £133,751 (pictured in November 2020)
The Prescribed Part are a section of funds that has to be put aside for creditors in case a brand fails, but the maximum amount that can be put away by law is £800,000.
Accounts acquired by The Sun in November 2020 revealed that creditors were unlikely to receive any money from the brand, with any of its remaining funds being used to pay staff their lost wages.
It’s thought that Pretty Green’s creditors – including suppliers and Facebook who provided ads – won’t receive all of the money their owed once staff are repayed.
Hit hard: In November last year accounts revealed creditors were unlikely to receive money, with any remaining funds being used to pay staff lost wages (London store pictured in 2010)
Last-minute boost: In April 2019 Pretty Green was acquired by JD Sports in the hope that it could bring the company out of administration
Some creditors are thought to be owed hundreds of thousands of pounds, with administrators claiming the amount was fast approaching £200,000.
In April 2019 Pretty Green was acquired by JD Sports in the hope that it could bring the company out of administration.
The brand had also brought in advisers in an attempt to boost sales, but they later became administrators as they shopped around Pretty Green for a new buyer.
Going under? Liam hoped to replicate his own zany sense of style by launching his own clothing line (pictured in 2011)
Pretty Green also relied on a partnership with House of Fraser to increase profits, and was hit hard when the department store chain plunged into administration.
When House of Fraser was bought by Sports Direct, it’s thought Pretty Green still suffered losses of £500,000.
Despite its money troubles it’s thought that Pretty Green’s flagship store in Manchester will remain open.
Glimmer of hope: Despite its money troubles it’s thought that Pretty Green’s flagship store in Manchester will remain open (pictured is the brand’s London in 2019)