The only other act signed to ITNO was New York indie pop two-piece Cults, who released their self-titled debut in 2011. According to reports, Sony paid Allen an annual salary of £100,000 ($150,000) for her work under the ITNO banner. Sony U.K. declined to comment, although a spokesperson for Allen did confirm that the artist's label imprint was no longer operating.
"Lily Allen started the ITNO label when she took her break from recording and performing. The label signed two hit artists, Cults and Odell, before Lily returned to making records and playing shows," said the spokesperson, adding, "Lily will shortly be announcing a new signing/consulting role for another label and meantime is very happy that Tom Odell's records will be released on Columbia, who were the distributors for ITNO. Further details of Lily's new venture will be made available in due course."
The folding of Allen's record label come less than a year after her fashion business Lucy in Disguise closed its central London store amid reports of financial difficulties. The vintage clothing company was originally set up by Allen and her elder sister Sarah Owen in 2010 when the singer announced that she was leaving the music industry to focus on family life and fashion. Although the company is still trading online its London shop closed its doors earlier this year.
Far more successful has been Allen's return to music. Having taken a three year hiatus from performing since 2009, the singer made her return to the music world in fall 2013 when her cover of Keane's "Somewhere Only We Know," which was recorded for a John Lewis Christmas advert, topped the U.K. charts. Allen's third studio album, Sheezus, also debuted at No. 1 in the U.K. and peaked at No. 12 on the Billboard 200, while the singer recently supported Miley Cyrus on the U.S. leg of her Bangerz tour.
Coincidently, ITNO's most successful signing, Odell, sings on this year's John Lewis advert, with a cover of John Lennon's "Real Love."