Fears for north-east jobs as M&Co calls in administrators

Stores in Banff, Inverurie, Buckie, Peterhead, Elgin and Stonehaven face an uncertain future after M&Co colapsed into administration citing rising costs.

The fashion retailer, which currently has arounf180 UK stores including six in the north-east has appointed Teneo Financial Advisory as administrator

In a statement a spokesman for Teneo 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 increased pressure on cash flows and trading losses.

“No immediate redundancies have been made and the joint administrators are 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.”

M&Co fell into administration in August 2020, when it was bought back by its Scottish owners the McGeoch family in a pre-pack deal that saw it close 47 stores.

Do you want to respond to this article? If so, click here to submit your thoughts and they may be published in print.