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.

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.

Earlier this month, Next Plc announced it was partnering with Tom Joule to acquire Joules and take it out of administration, in a deal worth GBP34m (US$41.7m).