M&Co falls into administration

Clothing company M&Co has announced they are going into administration – leaving staff uncertain about their futures.

M&Co, which has a store in Lerwick, has now gone into administration for the second time in two years.

Teneo Financial Advisory have been appointed administrators for the group which has 180 stores nationwide.

A statement from joint administrator Gavin Park said that there are no plans for “immediate redundancies” as they are exploring a potential sale of the fashion company.

The statement read: “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 time frame, during which time the company will continue to trade from its stores and website.”