M&Co, formerly known as Mackays Stores and which operated across the UK, earlier went into administration for a second time as soaring costs and weak consumer confidence made the business unviable. The venerable family-owned chain had first gone under in 2020 but was bought back by the controlling McGeoch family.

Peterborough-based AK Retail is owned by Andrew Killingsworth and employs around 1,000 people across its various businesses. Killingsworth said he’s “delighted that this longstanding brand would be kept alive”.

It’s not the first time he’s bought distressed assets with his 2020 purchase of Long Tall Sally helping to ensure that the struggling brand continued. Last May, the company also acquired the PixieGirl e-tail brand.

But while the M&Co name has been saved and AK Retail operates physical stores, the M&Co estate isn’t included in the deal so it looks like closure will be on the cards if a buyer can’t be found for the shops.

There have already been some redundancies at M&Co with its CFO being among a number of key staff to leave last month. 

At the time it went into administration, the chain had 170 stores and employed almost 2,000 people.