Job fears as retailer with stores in two Fife towns goes into administration

M&Co collapsed on Friday, and appointed Tenero as administrators. It has stores in the Kingdom Centre, Glenrothes, and also South Street, St Andrews.

The administrator said there would be “no immediate redundancies” and the stores continue to trade as normal, but concerns are growing for jobs at both outlets.

Peter Grant, MP for Glenrothes, said he was “very concerned” to hear that the Renfrewshire based business had entered a second administration.

He tweeted: “Grim news for nearly 2,000 workers just before Christmas and yet another store closing in Glenrothes’ Kingdom Centre.”

The retailer has 170 stores which employ 1910 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.”

The administrators said they were looking to sell the business in an “accelerated time frame” and the company would continue to trade from its stores and website in the meantime.

M&Co is perhaps better known to many as Mackays. It started out in 1834 as pawnbrokers, before moving into clothing in 1953. It was rebranded M&Co in 2005.

A statement on the M&Co’s website said: “The affairs, business and property of the company are managed by the joint administrators.”