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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData