Hundreds of jobs to go at Renfrewshire-based M&Co clothing chain

Nearly 400 jobs are to go at M&Co, the Renfrewshire-based clothing retailer.

The company, which used to be known as Mackays, says the focus of cuts will be on UK towns and suburbs rather than city centres.

M&Co has been put into administration and its assets immediately bought back by the family that built it up.

A total of 47 shops will close, with 215 remaining open. According to administrators Deloitte's, the deal means about 2,600 jobs can be retained.

It said the company, in common with other retailers, had faced a number of difficulties and coronavirus made these worse.

'Best way to save most jobs'

M&Co's chief executive Andy McGeoch said it was obvious that the business, as previously structured, "would remain under severe pressure from the ongoing challenges of Covid-19".

He said: "The 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.

"It's not a decision we took lightly, after more than 50 years of trading, but it gives us a sustainable basis from which to rebuild, with the majority of our staff keeping their jobs."

He added that the most difficult part of the process was "undoubtedly seeing around 380 colleagues in stores and at our Glasgow and London operations leaving the business".

"It's a terrible situation for them and I'm desperately sorry that we couldn't come up with a viable plan which would have saved all the jobs," Mr McGeoch said.