THE high street clothing chain M&Co, which has a store in Launceston, has gone into administration.

They confirmed that “no immediate redundancies” are planned, but the news has left many wondering what is to become of their local store.

The move has been attributed to the sharp rise in costs and a decline in customer confidence. M&Co will continue to trade from its stores and website but a buyer is to be sought.

On December 9 the directors of M&Co Trading Limited resolved to place the company into administration, and appointed Gavin Park, Adele MacLeod and Rob Harding of Teneo Financial Advisory Limited as Joint Administrators.

Headquartered in Scotland, the company is one of the UK’s largest privately-owned fashion and lifestyle retailers with 170 stores across the UK and an e-commerce platform, employing 1,910 staff.

Mr 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.”

No immediate redundancies have been made and the joint administrators are now 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.

• What do you think? Contact us at [email protected]