Liam Gallagher’s fashion brand Pretty Green is preparing to undergo insolvency proceedings.

The mod-inspired fashion label, set up by the former Oasis lead singer, will appoint administrators this week, enlisting Moorfields Advisory to handle the process.

A report by Sky News said the filing allows a certain time period for Pretty Green to secure a buyer. Commentators with knowledge of the transaction have revealed Moorfields to have been floating the label to potential purchasers throughout this month.

Pretty Green’s turnover rose to £38.2 million (US$50.33 million) in the 16 months to January last year, with pre-tax losses narrowing to £1.5 million ($1.98 million) from a £5.6 million ($7.38 million) loss.

The brand has suffered under the flailing retail environment in the UK. A spokesperson for the brand said “Pretty Green is not immune to the challenges facing the UK high street as customers migrate from purchasing in store to online”.