Lily Allen is reportedly considering setting up her own record label after firing her management company last week.

An inside source told the Mirror that the Smile star would use the label to launch new bands onto the music scene as well as putting out her own music: “Lily has a wise head on her shoulders and is really excited about the idea of having her own business empire.”

“She loves making music but she’s also brilliant at spotting talent, as she was in the underground scene for a few years before her career took off.”

Lily’s spokesperson confirmed the idea is “something Lily’s looking at” but the label is unlikely to be in place for some time as Lily is currently concentrating on her new album.

A second source close to Lily added that her new friendship/”secret relationship” with Chemical Brothers star Ed Simons will influence her new record: “Ed wasn’t planning on getting involved, but Lily’s such a big fan of The Chemical Brothers that his influence is definitely rubbing off.”

The source added that Lily is “over the moon” with the new sound: “It’s a different musical direction and really quite exciting. Everything seems to be falling into place.”