The fashion retailer set up by Liam Gallagher, the former Oasis frontman, is preparing to appoint administrators next week as it becomes the latest victim of a brutal retail environment.
According to Sky News, Pretty Green has filed a notice of intention to appoint Moorfields Advisory to handle an insolvency process.
City sources said on Friday that the notice, which expires next week, had been put down in order to create a window for Pretty Green to secure new investment.
Reports in 2017 suggested that Pretty Green had sold a £10m minority stake in the business to an investment firm called Rockpool Investments.
The former Chelsea and England footballer Joe Cole is also reported to have been a shareholder.
Pretty Green employs 180 people in the UK, and has built a strong wholesale business serving approximately 100 customers.
It also trades from about 40 in-store concessions.
According to information sent to potential bidders, Pretty Green recorded turnover of £28m and £176,000 in earnings before interest, tax, depreciation and amortisation in the year to 31 January.
Pretty Green could not be reached for comment.
Source: Sky News.