M&Co has collapsed into administration for the second time in two years.
The Renfrewshire-based retail chain appointed administrators Teneo on Friday. Across 170 shops it employs 1,910 staff.
Established as a pawnbrokers in 1834, the business, then known as Mackays, switched to selling clothes in 1953 – led by brothers Len and Iain McGeoch. In 2005, it rebranded to M&Co.
In August 2020, the company entered administration before being bought back when it was bought back by the McGeoch family – dozens of stores closed.
Teneo there would be “no immediate redundancies”. Two stores in England have closed in recent days, in Dorchester, Dorset, and Droitwich, Worcestershire.
Gavin Park, joint administrator said: “Like many retailers, the company has experienced a sharp rise in its input costs, which has coincided with a decline in consumer confidence leading to trading challenges.
“Despite a very loyal customer base, particularly in local markets, and a well-recognised brand, the current economic outlook has placed increasing pressure on the company’s cash position.”
The administrators said they were looking to sell the business in an “accelerated timeframe” and the company would continue to trade from its stores and website in the meantime.
A statement on the M&Co’s website read: “Adele MacLeod, Gavin George Scott Park and Robert James Harding of Teneo Financial Advisory Limited were appointed joint administrators of M&Co Trading Limited (‘the Company’) on December 9, 2022.
“The affairs, business and property of the company are managed by the joint administrators. The joint administrators act as agents of the company and contract without personal liability.”
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