Whitby M&Co store facing uncertain future after business goes into administration

Directors have appointed Gavin Park, Adele MacLeod and Rob Harding of Teneo Financial Advisory Limited as joint administrators.

No immediate redundancies have been made and the joint administrators are exploring a potential sale of the business in an accelerated timeframe, during which the company will continue to trade from its stores and website.

M&Co is one of the UK’s largest privately-owned fashion and lifestyle retailers with 170 stores across the UK, 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.”