There’s concerns over the future of the Stornoway branch of M&Co fashion retailer after its parent company entered administration -
Three representatives from Teneo Financial Advisory Limited have been appointed joint administrators of the Renfrewshire-
The Stornoway shop will continue to trade at present while the administrators seek a new buyer and assess the firm’s financial position.
Gavin Park of Tenco 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 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 timeframe, during which time the company will continue to trade from its stores and website."
M&Co’s website resume operation later today after being taken offline for a brief period.
A statement on M&Co’s website read: “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.
“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.”
Until further notice, loyalty cards and reward vouchers are not being accepted. The loyalty scheme is closed and points will not be added to customers’s cards.
Gift cards will be accepted in store to their full value provided they are not more than half the value of the goods being purchased said the administrators. In other words, customers have to buy twice as much as the face value of their gift card to redeem the card. For example, if you have a giftcard for £10, you need to choose items costing at least £20 to spend your giftcard.
Cash refunds are not being made. However, purchases made in the 28 days before 9 December can be exchanged for goods up to the same value provided the customer has proof of purchase. Those made after that date only have 14 days to be returned.
Outstanding orders which were being processed by last Friday will be honoured.
The administrators said: “We hope you will appreciate this is a difficult time for staff working in the stores and we ask for respect and understanding when raising an issue.”
Questions regarding orders, returns and general queries can be emailed to customer-
Recently, its shop at Dalkeith is understood to have closed while two premises south of the border also shut.
In autumn 2020 M&Co pull the shutters on 47 stores across the UK under a restructuring plan which resulted in 380 job losses.
Uncertainty over future of M&Co Stornoway after parent company collapses into administration
11 December 2022
