Nine people lose jobs as fashion chain M&Co shuts Newmarket store

Nine people have lost their jobs after a High Street chain shut its Newmarket store.

Fashion retailer M&Co has closed its branch in the town after taking a massive hit from the coronavirus lockdown, which saw government order non-essential stores to close and the number of High Street shoppers plummet.

The chain called in administrators in April as it fought to survive, but chose the Newmarket branch as one of the 47 outlets which would be shut.

Paul Brown, manager of Newmarket's business improvement district, said: “It is very sad to hear that M&Co are closing down, but we are in unprecedented times and it is so tough out there for everyone. The BID is doing everything we can to help promote our members and get them back on their feet”

Inside the town store there is little sign of it once being a clothes shop, with goods now packed into boxes waiting to be moved out.

Andy McGeoch, the chief executive, said retail had been one of the sectors hardest hit by the coronavirus pandemic.

"Like many of the UK's best-known High Street names, we've been facing up to a number of underlying business challenges in the current retail environment, which have been exacerbated by the impact of Covid-19. Being forced to close all our stores for several months meant a huge financial hit," he said.

"We reopened most stores in June and have been exploring every possible option, but it was obvious that the business, as previously structured, would remain under severe pressure from the ongoing challenges of Covid-19.

"It quickly became clear that best way to save most jobs and most stores was to enter administration, with a new company acquiring the assets of the old business, and this process has now been finalised."

The company's administration process is being managed by Deloitte, will the number of stores shrink from 265 to 218 outlets.

Across the company there will be 380 redundancies from a total workforce of 2,600.