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UK High Street Giant Collapsed Into Administration with 1,800 Jobs Lost Owing £46m
Administrators said 608 unsecured claims totalled £34 million, while the retailer’s secured debts and HMRC bill were repaid in full.
- UK retailer M&Co collapsed, closing all 168 stores and eliminating 1,800 jobs, with total debts exceeding £46m. The company, founded in 1834, entered its second administration in 2022.
- Following pandemic-era retail struggles, Teneo administrators said the company faced "a drawn-out recovery in retail sales" compounded by high inflation and a cost-of-living crisis impacting consumer behaviour.
- Newly published documents reveal more than 600 unsecured creditors will lose more than £33m. Teneo admitted 608 claims totaling £34m for dividend purposes, compared with £41m in the directors' statement.
- Teneo distributed a maximum prescribed part fund of £800,000 to non-preferential unsecured creditors on March 9, 2026, representing a 2.32p dividend rate. The administrators also made £196,000 in 'ransom' payments to critical suppliers.
- Founded as Mackays by Len and Ian McGeoch in 1953, the brand was acquired by Peterborough-based AK Retail Holdings for £2.5m. The case moved from administration to dissolution in June.
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