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07
Feb 2023
Last Updated: 07/02/2023
M&Co store in Ripon set to close
M&Co in Ripon.
Clothing retailer M&Co is set to shut its Ripon branch.
The Scottish company, which sells clothes and homeware, went into administration for a second time in December last year.
The Ripon store had previously been saved from closure in 2020 when the firm went through a financial restructure.
However, M&Co is set to close all of its outlets after the sale of the retailer to AK Retail Holdings did not include physical stores.
The closures were announced in social media posts by individual branches across the UK.
It said:
“Unfortunately we haven't received the news we would have hoped for during our administration period, and would like to share this news with you.
"As we haven't received any funded, deliverable offers that would result in the transfer of the company's stores or staff to a potential buyer, this means that all of our stores will close.”
Read more:
- M&Co store in Ripon saved from closure
- Graveley’s fish and chip shop to reopen in Harrogate tomorrow
The company has 170 stores nationwide and employs some 1,900 staff.
Joint administrators Gavin Park, Adele MacLeod and Rob Harding of Teneo Financial Advisory Limited were appointed to oversee the retailer in December 2022.
Speaking at the time, Mr Park said M&Co had seen increasing costs at a time of decline in “customer confidence”.
He 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.”
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