Teneo Financial Advisory Limited (Teneo) confirmed to Just Style Gavin Park, Adele MacLeod and Rob Harding were appointed as administrators for M&Co on Friday (9 December) and added no immediate redundancies had been made.
M&Co, formerly known as Mackays, is a Scottish clothing chain which employs 1,910 staff and has 170 stores across the UK.
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It collapsed in 2020 but its assets were repurchased by the founding family.
Gavin Park, joint Teneo administrator for M&Co 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 joint administrators for M&Co are now exploring a potential sale of the business in an accelerated timeframe, during which time the company will continue to trade from its stores and website.
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