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Sunday, May 26, 2024

Made.com fails to secure emergency buyer

Trendy home furnishing giant Made.com says it will appoint administrators after to failing to find a new buyer.

The move, which ends a long survival battle complete with job cuts and falls in profit for the Shoreditch business, puts almost 700 employees at risk.

The company, which formed in 2011, failed to find £70 million in emergency funding to secure its future.

Downturn in purchases

It had previously been up for sale in September after a major downturn in customer purchases took its toll, amidst the cost of living crisis.

The retailer, which only last year was valued at £775 million, had stopped taking customer orders and paused returns.

It aims to fulfil orders it has already received but is not offering refunds at this stage.

Administrators seeking a sale

Made said the administrators Pricewaterhouse Coopers, would still seek to secure a sale of the firm.

In May, the retailer warned losses could be as much as £35 million for 2022.

The retailer was originally founded by former Lastminute boss Brent Hoberman and investor Ning Li along with several other financiers who have since left the company. 

Only a few days ago, Eve Sleep, a mattress company in Camden, entered administration after failing to find a takeover.

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