Lily Allen's record label closed?

Singer Lily Allen's record label ITNO has reportedly been closed after three years.

Allen set up the label ITNO, which stands for "In The Name Of", in 2011 with Sony, but has since been struggling to attract and sign the talent that it needed to survive.

"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," thesun.co.uk quoted a source as saying.

"Three years is enough time to gauge success. It's just run its course," the source added.

Sony is believed to have invested a hefty sum in Allen and the label, with her annual salary being recorded as 100,000 pound while she enjoyed a three year hiatus from recording in 2009.

However, the singer is keen to continue finding new talent and is reportedly set to announce her new role at an alternative label in the near future.

Her spokesman said: "Lily will shortly be announcing a new signing/consulting role for another label."