Clothing chain M&Co, which has a store on Chester Street, Douglas, has gone into administration.

A post on the company’s website said that Teneo Financial Advisory Limited was appointed as administrators on Friday.

The administrator said that no immediate redundancies had been made.

M&Co will continue to trade while administrators explore a potential sale of the business, the firm added.

Gavin Park, one of the joint administrators, said M&Co had experienced a sharp rise in costs like many other retailers which had coincided with a ‘decline in consumer confidence’.

He added: ‘Despite a very loyal customer base, particularly in local markets, and a well-recognised brand, the current economic outlook has placed increasing pressure on the company’s cash position.’

The Scottish-based company, formerly known as Mackays, previously went into administration in 2020.