M&Co: Scottish clothing chain collapses into administration

Scottish clothing chain M&Co has appointed administrators after it collapsed for a second time in just over two years.
M&Co has entered administrationM&Co has entered administration
M&Co has entered administration

The company, which used to be known as Mackays, currently employs 1,910 staff with 170 shops across the UK.

It last collapsed in 2020 but assets were immediately bought back.

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Gavin Park, Adele MacLeod and Rob Harding of Teneo Financial Advisory Limited were appointed as Joint Administrators on Friday.

Mr Park 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.”

No immediate redundancies have been made and the Joint Administrators 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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