Retail Realisation supports in the sale of Pretty Green to JD Sports
“We engaged Retail Realisation to assist us with our contingency planning for Liam Gallagher’s fashion brand, Pretty Green. The Retail Realisation team undertook a comprehensive review of the business and provided us with a number of detailed and well considered exit strategies, in the event a sale of the business not be achieved.
The expectation was that there would be a pre-packaged sale of the business, however there was a change of strategy required at the eleventh hour whereby Administrators were appointed without an agreed sale in place. All 12 stores, which were spread across the UK, had to be kept open and traded whilst a sale was negotiated.
In response to the change in strategy, Retail Realisation were incredibly flexible, fast acting and able to have their team in all stores for store opening on the day of Administration.
While we continued to trade the stores the Retail Realisation team assisted greatly with their ability to control the situations that they were faced, particularly during the early stages when there remained uncertainty if employees would be paid and or keep their jobs.
The retail experience of the Retail Realisation team proved invaluable as it allowed the Administrators team to spend more time dealing with other aspects of the Administration and sale of the business knowing that the trading of the stores was in capable hands.
Retail Realisation provided timely, clear and effective communications to the Administrators regarding key issues which were likely to adversely affect or undermine the sale process and ultimately the Administrators were able to achieve a sale of the business, saving more than 70 jobs, and maximise the outcome for creditors.
Retail Realisation led a store closure process for those stores not included in the sale, which included transferring stock to the warehouse in a matter of days at the purchaser’s request. Stores were left clean and tidy and a comprehensive pack was delivered to the Administrators evidencing store closures. Retail Realisation then remained on hand to assist with any queries we had at the end of the process.
Retail Realisation’s expertise, communication and hard work were invaluable throughout the administration of Pretty Green and we will definitely use them for any future work.“
Tom Straw, Partner, Moorfields – Administrators of Pretty Green Limited