Jobs at more than 170 stores at risk as M&Co plunges into administration
A major clothing brand with stores in Shropshire and across the Midlands has plunged into administration, putting 170 stores and nearly 2,000 employees at risk.
M&Co, which has stores in Bridgnorth, Oswestry, Newport, Welshpool and Stourport has announced it has collapsed into administration but will continue to trade.
The brand confirmed on its website that Adele MacLeod, Gavin George Scott Park and Robert James Harding of Teneo Financial Advisory Limited have been 'appointed joint administrators of M&Co Trading Limited'.
It added: "The affairs, business and property of the company are managed by the joint administrators.
"The joint administrators act as agents of the company and contract without personal liability."
Headquartered in Scotland, M&Co is one of the UK’s largest privately-owned fashion and lifestyle retailers with 170 stores across the UK and an e-commerce platform, employing 1,910 staff.
Gavin Park, joint administrator, 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 trading challenges.
"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.”
He confirmed no immediate redundancies have been made and the joint administrators are now 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's Oswestry store put a message on its Facebook page, which read: "To all our amazing customers, this is not an easy message to convey.
"M&Co have entered into administration. We are hoping for a positive outcome and that our lovely shops will be saved but in the meantime there are a few things we would like our customers to be aware of.
"Currently we are unable to process refunds back to original payment, we can exchange only any goods for the same value or above, this also includes items purchased through the website.
"We are currently not scanning loyalty cards to add points and we cannot accept reward vouchers. The 25 per cent off full price discount is now open to all customers who shop with us and will continue for the foreseeable.
"We will be doing our best to keep a positive shopping environment for all our customers and despite the circumstances we remain positive!
"We hope to see many shoppers about over the Christmas period and will do our best to help."
