Job fears as M&Co call in administrators for Inverness store and others

Stores in Inverness, Banff, Inverurie, Buckie, Peterhead, Elgin and Stonehaven face an uncertain future as M&Co collapses into administration citing rising costs.

The fashion retailer, which currently has around 180 UK stores has appointed Teneo Financial Advisory as administrator.

In a statement a spokesman for Teneo 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 increased pressure on cash flows and trading losses.

“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 previously 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.

In a post on social media the Inverness store staff said: "To all of our amazing customers, this is not an easy message to write...

"M&Co have entered into administration as of the 9th of December 2022. We are hoping for a positive outcome, and that all of our stores will be saved, but in the meantime there are a few things we would like to make our customers aware of-

"We hope you will appreciate this is also a difficult time for staff working in the stores and we ask for respect and understanding when raising an issue.

'Gavin Park, Adele Macleod and Rob Harding were appointed as joint administrators of M&Co Trading Ltd ("The company") on the 9th of December 2022. The affairs, business and property of the company is managed by the joint administrators. The joint administrators act as agents of the company and contract without personal liability."

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