A West Scotland MSP has called for a task force to be set up with the purpose of saving jobs at Renfrewshire-based clothing company M&Co.
The retailer, which has headquarters at Inchinnan Business Park, has struggled to cope with rising costs amid a drop in “consumer confidence” and, in December, the retailer filed for administration.
Teneo Financial Advisory has been appointed as administrator and is exploring a sale of the business.
The firm employs 1,900 people across the UK – many of them at the Renfrewshire base near Glasgow Airport – with dozens also working at the company’s shops at the Piazza Shopping Centre in Paisley and Houston Square in Johnstone.
West Scotland Labour MSP Katy Clark has had meetings with the administrators to see how jobs can be protected.
And she is calling on the Scottish and UK governments to work with trade unions and the business to find a solution to M&Co’s troubles.
“It is clear from discussions with administrators that M&Co remains in a seriously precarious position,” she said.
“I have made clear I intend to fight to protect the livelihood of the workers at stores across the West of Scotland – including Paisley and Johnstone – and hope to meet store management in the days to come.
"There is already a dearth of well-paid jobs and opportunities in this area.
“That is why I am calling on the Scottish Government to engage UK Government, the relevant trade unions and the business itself and set up a task force with the explicit purpose of protecting these jobs.
“Protecting these workers’ livelihoods should be at the top of ministers’ agenda as the cost-of-living crisis intensifies.”
M&Co, which used to be known as Mackays, 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.
Speaking in December, joint administrator Gavin Park 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 restructured via a pre-pack administration deal in August 2020, a move that resulted in the closure of 47 stores and the loss of 381 jobs. A new company was created, saving more than 2,200 jobs.
The trade assets of the business were sold to M&Co Trading Ltd, the new company, via the restructuring process handled by Deloitte.
The group was established as a pawnbrokers in Paisley in 1834 but the business, by then known as Mackays, switched to selling clothes in 1953 led by brothers Len and Iain McGeoch.
In 2005 it rebranded to M&Co, at which time it ran 270 stores.
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