Bad news for Lily Allen

There is bad news for Lily Allen this week after it was revealed her record label has gone under.

The singer started ITNO (In The Name Of) back in 2011 in partnership with recording giants Sony, and signed successful singer Tom Odell.

A source told The Sun that Lily had been hopeful for the label: “Lily had bright hopes but it simply hasn’t worked out. She hoped by now to have an array of top talent on her roster but it’s quite the opposite.”

A spokesperson for the star said: “In the meantime she is very happy that Tom Odell’s records will be released on Columbia, who were the distributors for ITNO.”

However, Lily continues to be very interested in the music industry, and identifying new talent in particular, as her spokesperson said she will be announcing a new role soon: “Lily will shortly be announcing a new signing/consulting role for another label.”

The disappointing news about the ITNO label comes not long after Lily’s fashion company, Lucy In Disguise, was forced to fold.

Let’s hope 2015 is a little bit better for Lily’s business ventures!