Actors Jason Isaacs and Steven Berkoff are set to feature in "Creation Stories", the movie being executive-produced by filmmaker Danny Boyle.
The film is based on Creation Records co-founder Alan McGee.
According to Variety, Ewen Bremner is playing the lead role in the movie and his first look was also unveiled by the makers along with the names of the new cast members.
Nick Moran is directing the film and the production is currently underway.
Renowned British actors and comics including Ed Byrne, Paul Kaye, Thomas Turgoose, Rufus Jones, Perry Benson and Mel Raido feature in the movie.
The film also stars Suki Waterhouse and Leo Flanagan, who will play a younger version of the label boss.
Welsh has adapted McGee's autobiography, "Creation Stories Riots, Raves and Running a Record Label," with his writing partner, Dean Cavanagh, for the screen.
The movie will focus on McGee's journey after leaving school at 16, setting up the Living Room club in London, managing the Jesus and Mary Chain, and then co-founding Creation in his early 20s.
It will mainly centre on McGee and his work with bands including My Bloody Valentine, Ride and Primal Scream before his drug-induced breakdown, and then coming back to sobriety, and role in the rise of Oasis.
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