Oxford News
UK retail giant collapse saw 1,800 jobs lost as company owed £46m
Documents reveal for the first time events surrounding the collapse of the company founded in 1834 with the closure of all 168 stores, and that unsecured creditors face losing tens of millions of pounds.
Recently lodged papers show that M&Co. which started its life in Paisley as a pawnbroker before entering retail in 1953 as Mackays by family owners Len and Ian McGeoch, show that more than 600 unsecured creditors will lose more than £33m.
New documents show the case moved from administration to dissolution in June and administrators’ reports set out the steps leading to the failure of the business.
Adele Macleod, Gavin Park and Robert Harding, of Teneo, were earlier appointed joint administrators in the second such event.
The firm first fell into administration during the pandemic with 47 stores and 380 jobs lost at the time.
The assets were bought back by the family on that occasion but administrators again took control in 2022.
The brand was acquired by Peterborough-based AK Retail Holdings, which owns Yours Clothing, for a sum disclosed for the first time as £2.5m and which included its online offering.
In their latest report, the Teneo administrators said: “We adjudicated all claims received and subsequently admitted 608 claims for a total of £34m for dividend purposes, compared with £41m in the directors’ statement of affairs.
“The maximum prescribed part fund of £800,000 was distributed on March 9, 2026 to non-preferential unsecured creditors, representing a dividend rate of 2.32p in the pound.
“Insufficient funds were realised to enable a dividend to be paid to non-preferential unsecured creditors, other than via the prescribed part distribution referred to above.”
Pension
The administrators also said regarding the pension fund: “No further distributions have been made to the pension scheme following Holdings’ payment of the outstanding pension scheme debt in August 2024 and its security has been satisfied. Holdings has not been repaid in full in respect of its floating charge security during the administration.”
The administrators described similar difficulties faced by high street chains up and down the country.
After a series of rescue attempts, the Glasgow-founded Quiz fashion retailer finally collapsed this year with all stores closed and 360 jobs lost.
Other UK brands including Claire’s and LK Bennett also closed stores earlier this year after falling into administration.
The administrators said: “Following the transaction which took place during the pandemic, and in common with other retailers, the company has suffered as a result of a drawn-out recovery in retail sales in the post pandemic period.
“In the months prior to administration, the deterioration in trading performance has been compounded by high inflation increasing the company’s cost base, and a cost-of-living crisis impacting consumer behaviour.”
By November 2022, the company had £12m of overdue supplier payments, and in expectation of a winding up petition and the administrators were appointed by the directors.
Secured creditor HUK’s debt of £3.3m has been repaid in full and HSBC’s secured debt of £8.7m was also repaid. The administrators said £2.6m have been paid in full to HMRC.
The administrators added: “It was necessary to make ‘ransom’ payments to certain third-party creditors whose supplies were considered to be critical to trading strategy, to ensure that services were not discontinued. Payments to ransom creditors totalled £196,000.”
Oxford Mushroom Farm is hosting a free-to-enter open day tomorrow between midday and 5pm.
Based at a previously unused patch of land beside Hinksey Heights Golf Club, the business opened earlier this summer with the aim of providing fresh gourmet fungi to homes and businesses across Oxfordshire.
READ MORE: New ‘high-quality’ mushroom business launched in Oxford
Steve Hart, the owner, has said – like the mushrooms – the company is “growing” and now he is having an open day in the hopes of enticing more fungi enthusiasts.
A lifelong Oxford local, who attended Cherwell School, he launched the farm in January 2024 with an ambition to transform unused ground into something productive.
After two years of balancing the project alongside a full-time job as a builder, landscaper and heating engineer, he officially opened the farm to the public in May.
Among the farm’s offering is Lion’s Mane, oyster, shiitake, speckled chestnut and other varieties of mushroom, with the businesses based around sustainability.
READ MORE: Oxfordshire police ‘welcome’ prime minister’s update on PC Harper killers
Premium mushroom substrates are produced using sawdust sourced as a natural by-product from sawmills in the mountains of Snowdonia, combined with pure Snowdon Mountain spring water in collaboration with North Wales-based growers Fungi Foods.
Alongside supplying fresh produce locally, Mr Hart is also interested in the emerging science of mycoremediation, an eco-friendly technique that uses fungi to help break down ground pollutants and restore damaged land.
He said: “My main goal is feeding Oxford, but also using science and mycoremediation to help heal polluted land and fly-tipping ground in Oxfordshire.”
Thames Valley Police has asked for the public’s help in finding Dominic as a neighbouring police force fear for his welfare.
A spokesperson said: “Can you help our colleagues at Warwick Police locate missing man Dominic?
READ MORE: Public told ‘DO NOT APPROACH’ as wanted man sighted in Oxford centre
“He has links to Yarnton.”
Warwickshire Police explained that the 56-year-old has not been seen since Friday morning and has urged anyone with any information to get in touch as soon as possible.
They added that he is around 5 foot 8 inches, has grey hair and is believed to be wearing a blue shirt, blue shorts and brown shoes.
A spokesperson for Warwickshire Police said: “Have you seen Dominic? He was last seen in the Cape Road area of Warwick at around 10.30am yesterday morning (Friday) but has not been seen since.
“Our officers are growing increasingly concerned for the 56-year-old’s welfare and urge anyone who sees him to get in touch.
READ MORE: Manhunt launched after ‘sexual assault’ at Oxford shopping centre
“Dominic is described as around 5ft 8” tall, with grey hair and is believed to be wearing a blue shirt, blue shorts and brown shoes.
“He has links to Warwick and Oxfordshire.
“Anyone who sees Dominic or knows where he might be is asked to call 999 quoting incident number 191 of 28 August.”
The Thames Valley Police Abingdon unit arrested a man for “breaching court bail conditions” on Saturday, August 29.
A spokesperson said: “On Saturday, PC Hackett attended reports of a male breaching court bail conditions.
READ MORE: Public told ‘DO NOT APPROACH’ as wanted man sighted in Oxford centre
“With assistance from PC Ellingworth and PC Harvey, the male was arrested. Following a search, a knife was recovered from his possession.”
In a wide ranging update, the force also revealed it had supported in a “concern for welfare incident linked to the night-time economy.
In addition, it had carried out licensing checks across Abingdon with drug wipes used and sent off for testing
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