LIAM Gallagher’s fashion label is heading for the Wonderwall after falling £8 million into debt – and his celeb pals are set to lose investments in the brand.
It is expected that the menswear retailer will appoint administrators next week.
Getty – Contributor Liam, pictured in June on stage at Finsbury Park last year
Liam launched the brand amid a rock n’ roll fanfare in 2009.
Liam, 46, lashed out at criticism of his role at the fashion outlet in a foul-mouthed rant on Twitter last week.
He tweeted: “It’s funny how when things are going well and hunky dory it’s pretty green and when it’s not so it’s Liam Gallaghers pretty green 2 words SP**KBUBBLES … LG x”
The former Oasis frontman has slashed his majority holding in the struggling Pretty Green fashion brand to just one per cent and the company has now called in insolvency experts.
Investors including former Chelsea and England midfielder Joe Cole, Prodigy rock star Liam Howlett and former Stoke City striker Dave Kitson look set to lose fortunes.
Cole’s estimated £50,000 stake in the firm has dwindled to a nominal value of just £148, according to company records.
It’s funny how when things are going well and hunky dory it’s pretty green and when it’s not so it’s Liam Gallaghers pretty green 2 words SPUNKBUBBLES as you were LG x— Liam Gallagher (@liamgallagher) March 14, 2019
And Howlett and Kitson’s return on an estimated £250,000 they both punted on the trendy Gallagher-inspired fashion chain is just £1,245.
A shareholder source told the Sun: “Pretty Green lives by its rock n roll image inspired by Liam but there’s nothing cool about what happening to investors money now.
“People who invested fortunes have been kept in the dark and there are rumours that the company is about to go into something called ‘pre-pack administration.’
Getty – Contributor Liam attends a launch of a new Pretty Green collection at Selfridges in Manchester in 2009
“That will mean people like Joe Cole, Liam Howlett and many others could see their large investments ‘zeroed’ meaning they will be left without a penny.
“Liam can clearly see the writing on the wall and has taken a huge step back from the business – and no one could blame him.”
Pretty Green has more than 30 stores and concessions in House of Fraser stores across the UK plus an online business.
Getty – Contributor Former West Ham player Joe Cole who investment in Pretty Green
But last August it lost £500,000 following the collapse of the Fraser store chain, among hundreds of suppliers caught out by the crash.
Insolvency experts Moorfields said in a statement that Pretty Green – named after a song by The Jam – had also been affected by the weaker retail environment.
A spokeswoman said: “Pretty Green is not immune to the challenges facing the UK high street as customers migrate from purchasing in store to online.
Getty – Contributor Liam Howlett and Natalie Appleton attending an exhibition of rare Bowie photographs in 2013
“The growing overall demand for the brand, coupled with a strong online customer base …we are therefore considering all options.”
Records show pre-tax losses for the year to January 2018 were £1.5m on increased turnover but the company has now accumulated debts of £8m.
Companies House records show six outstanding “charges” against company assets being held as collateral against debts.
Proceeds of any fire sale would first go to Barclays banks, three individual US investors and private equity firm Rockpool.
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Former soccer star Kitson, 39, told The Sun of his shock at seeing his quarter of a million pound investment in Pretty Green decimated last night.
He said: “I’m deeply concerned to discover that the fantastic company I invested in so substantially has somehow got into difficulty.
“Shareholders have nor been kept informed and I simply cannot fathom how this could have happened.
“I have been seeking answers but have yet to receive an explanation from the management and will continue to do so.”
Fellow investors Gallagher, Cole and Howlett and Mr Ralph’s legal representatives did not respond to phone or email enquiries yesterday.
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