20/06/2024 11:53 AM


Piece of That Fashion

M&Co plunges into administration – Retail Gazette

M&Co plunges into administration

M&Co plunges into administration
M&Co has hired Teneo as administrators
// M&Co has hired Teneo as administrators as it collapses for the second time in just over a year
// Teneo is exploring a sale of the 180 store value fashion retailer

M&Co has collapsed into administration as rising costs have pushed it over the brink.

The value fashion retailer, which has around 180 UK stores, has appointed Teneo Financial Advisory as administrator, which is exploring a sale of the business.

A spokesman for Teneo told Drapers: “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.

Subscribe to Retail Gazette for free

Sign up here to get the latest news straight into your inbox each morning

“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.

Over the past week, the retailer has shut two stores in Dorchester in Dorset and Droitwich, Worcestershire.

Click here to sign up to Retail Gazette‘s free daily email newsletter