M&Co: Scottish clothing brand with shops in Edinburgh and Lothians falls into administration
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Administrators were called in on Friday (December 9) but the company will continue to trade while a potential sale of the business is explored. Scottish-based M&Co, which used to be known as Mackays currently employs 1,910 staff and has 170 shops across the UK, including stores at Edinburgh’s Gyle shopping centre and in Musselburgh, Dalkeith, Haddington and Bathgate.
The company went into administration in 2020, but its assets were immediately bought back by the family that built it up, although 47 shops were closed and around 400 staff lost their jobs.
Gavin Park, of financial advisory firm Teneo, who have been brought in as administrators, 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.”
He said no immediate redundancies had been made and the administrators were now exploring a potential sale of the business in an “accelerated timeframe” during which time the company would continue to trade from its stores and website.