M&Co's Banff store not part of retailer's shops closure plans

Fashion retailer M&Co has confirmed its store in Banff will not close amid a financial restructure of the company.

The firm, which has had a presence in the town for more than 30 years, appointed administrators in April as the coronavirus outbreak forced the closure of most UK retailers for almost four months.

This week it announced it would be closing 47 of its 265 stores, with two of its children's outlets in Elgin and Inveruruie set to be axed in the north-east.

M&Co’s chief executive Andy McGeoch said: “It quickly became clear that best way to save most jobs and most stores was to enter administration, with a new company acquiring the assets of the old business, and this process has now been finalised.

"Covid has been by far the biggest challenge our family business has faced in almost 60 years, and I am really pleased that we have been able to maintain a presence in more than 200 communities.

“Covid-19 means many people don’t feel comfortable travelling on public transport or visiting busy city centres and that can't be good news for local High Street stores like M&Co.

"That’s why we are looking at ways of working in partnership with other local retailers to highlight the tremendous range of shopping that can be found in communities like this all over the country."

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