- JD Sports acquires Liam Gallagher’s Pretty Green out of administration in an undisclosed deal
- The deal secures 67 jobs across the business, including the Manchester flagship & online store
- Remaining 97 employees working in the other 11 stores & 33 House of Fraser concessions made redundant
Pretty Green has been bought out of administration by JD Sports in an undisclosed deal.
Administrators from retail restructuring specialists Moorfields Advisory confirmed that JD Sports have acquired Pretty Green’s business, brand, online and wholesale business as well as its flagship store in Manchester.
This means 67 staff members will be able to keep their jobs.
However, the remaining 11 Pretty Green stores and its 33 House of Fraser concessions will cease trading immediately – affecting 97 employees.
Moorfields Advisory said it was working to assist all those affected by the closures.
Further details of the deal are scant at the time of writing, including how Pretty Green’s shareholders prior administration – such as founder Liam Gallagher of Oasis fame – have been affected by the deal.
“We are pleased to have secured the sale of the Pretty Green brand,” joint administrator and Moorfields Advisory partner Simon Thomas said. “We have worked hard over the last few weeks in challenging circumstances to secure the best outcome for the business, its creditors and its employees.”
He added that Pretty Green received a considerable amount of interest during the bidding process.
“We are confident that JD Sports is the right fit for the business and will help to grow its online and wholesale channels,” Thomas said.
JD Sports Executive Chairman Peter Cowgill said: “We are pleased to have completed the acquisition of the highly regarded Pretty Green brand.
“We look forward to working with the team on future positive developments.”
Pretty Green’s turnover jumped to GBP 38.2 million in the 16 months to January 2018, and its pre-tax losses narrowed to GBP 1.5 million from a GBP 5.6 million loss.
The year following was a difficult one for the menswear brand and retailer, largely because of the House of Fraser administration impacting the concession business.
It also had to deal with a challenging market, becoming one of the many fashion retailers struggling with increased costs and the ongoing shift to online.
Pretty Green was founded in 2009 by Liam Gallagher, and was named after a track by The Jam.