A POPULAR Scots fashion chain founded nearly 200 years ago plunged into administration owing £46 million.
Hundreds of suppliers now face losing tens of millions of pounds after the collapse of Paisley-founded retailer M&Co, which wiped out 1,800 jobs.
More than 600 unsecured creditors of the historic brand – established back in 1834 as a pawnbroker before family owners Len and Ian McGeoch relaunched it as Mackays in 1953 – could lose more than £33 million.
It comes as the case moved from administration to dissolution in June, with administrator reports laying bare the steps leading to the firm’s collapse.
Adele Macleod, Gavin Park and Robert Harding were brought in as joint administrators when the troubled chain crashed into administration for a second time in December 2022.
The firm first collapsed during the Covid pandemic, losing 47 stores and 380 jobs, before family bosses bought it back.
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And after going bust again, the iconic brand and online business were snapped up for £2.5million by AK Retail Holdings, the firm behind plus-size fashion firm Yours Clothing.
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.”
Regarding the pension fund, administrators added: “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.”