M&Co: Clothing chain plunges into administration with leaving Portsmouth, Gosport and Fareham stores in doubt

The retailer has appointed administrators and it is the second time the company has collapsed in two years. Formally known as Mackays, the Renfrewshire based company is one of the most prominent clothing chains in Scotland and has outlets across the rest of the UK.

A statement on the M&Co website said: ‘Adele MacLeod, Gavin George Scott Park and Robert James Harding of Teneo Financial Advisory Limited were appointed Joint Administrators of M&Co Trading Limited (‘the Company’) on December 9, 2022.

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‘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.’

This includes sites on Gosport High Street, Cosham High Street and inside Fareham Shopping Centre in Osborn Road. M&Co currently employs 1,910 staff across 170 shops.

Teneo, a financial advisory firm, confirmed it was brought in on Friday morning. The firm added that M&Co will continue to trade while administrators explore options to sell the business.

Gavin Park, one of the joint administrators, said the clothing firm has experienced a sharp rise in costs, similar to other retailers. He added this problem coincided with a ‘decline in consumer confidence.’

He told BBC news: ‘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.’

The M&Co’s website was temporarily taken offline yesterday morning but was restored in the afternoon.

In 2020, the fashion outlet were in a similar position. As part of a restructure, the business closed 47 shops with nearly 400 people losing their jobs.

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This including shutting the doors of the outlet in Wellington Way, Waterlooville. The chain kept 215 stores open at the time, including the locations in Gosport, Fareham and Cosham.

Andy McGeoch, chief executive, said at the time the company was under ‘severe pressure from the ongoing challenges of Covid-19’, and the restructure was necessary to keep the business afloat.

M&Co was placed into administration and its assets were bought back by the family which built the business.