M&Co: Renfrewshire clothing chain appoints administrators

Clothes retailer M&Co has appointed administrators as it collapsed for a second time in just over two years.

Financial advisory firm Teneo confirmed it had been brought in on Friday.

The Renfrewshire-based company, which used to be known as Mackays, is one of Scotland's best known clothing chains. It currently employs 1,910 staff with 170 shops across the UK.

It last collapsed in 2020 but assets were immediately bought back by the family that built it up.

In the last week the retailer has shut two stores in Dorchester in Dorset and Droitwich, Worcestershire.

• Hundreds of jobs to go at M&Co clothing chain

Teneo said no immediate redundancies had been made.

M&Co will continue to trade while administrators explore a potential sale of the business, the firm added.

Gavin Park, one of the joint administrators, said M&Co had experienced a sharp rise in costs like many other retailers which had coincided with a "decline in consumer confidence".

He added: "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."