Dozens of jobs at Paisley-based M&Co are in jeopardy as the fashion brand plummets into administration.
The clothing retailer, founded in Paisley in 1961, called in administrators on Friday as it struggled to cope with soaring costs amidst a drop in consumer spending.
It has appointed Teneo Financial Advisory as administrator, which is exploring a sale of the business.
M&Co headquarters is situated at Inchinnan Business Park near Glasgow Airport and the company employs 1,900 people across the UK.
Many of those are employed at the Renfrewshire base with dozens also working at the company’s shops at Piazza Shopping Centre in Paisley and Houston Square in Johnstone.
However, administrators say no immediate redundancies are planned.
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.”
M&Co is one of the largest, privately-owned fashion retailers in the UK.
It was opened by the McGeoch family and in the 1960s had just six shops across Paisley and the Greater Glasgow area.
Neil Bibby MSP said he was hopeful a future could be secured for the business which has such a long history in the Renfrewshire area.
“We can only hope a new buyer is found and we are able to save this popular brand and the thousands of jobs it supports all over the country,” the Labour MSP for West Scotland said.
“M&Co has a long history in both Paisley and Renfrewshire and it would be devastating if we lost them.
“We are proud to have what was until recently a highly successful business with stores all over the world headquartered in Inchinnan.”
He added: “These are tough times for high street retailers – we need to find a way to level the playing field with the online giants and help good businesses where possible with challenges like energy costs and business rates.
“I have contacted the administrators today to offer my support and will be asking the Scottish Government to do all it can to support M&Co through this difficult time.”
Statements confirming the administration were published to the Facebook pages of a number of the retailer’s branches, with an announcement from the neighbouring Largs branch stating staff are “hoping” for a positive outcome.
While the administration process is ongoing M&Co is unable to process refunds.
Goods can also only be exchanged for items of the same value or above; this also includes items purchased through the website.
Points are not being added to loyalty cards and reward vouchers are currently not being accepted.
M&Co entered prepack administration in summer 2020 as it struggled with trading during the Covid pandemic.
Its assets were sold back to the McGeoch family immediately. However, 47 stores were closed as a result and some jobs were cut.
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