Made scraps hunt for a buyer as sofa seller nears collapse
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Ailing Made.com has said it has cut short its hunt for a buyer, as the homeware firm teeters on the brink of collapse.
In an update to the London Stock Exchange on Thursday morning, the furniture retailer said there was “no reasonable prospect” of an offer.
Shoppers have been pulling back from spending on big ticket items such as sofas, amid a cost of living crunch.
The board “will continue to look to preserve value for its creditors and shareholders,” hinting it may be forced to call in administrators.
It comes after the platform suspended all new customer orders yesterday after ditching takeover talks with potential buyers, leaving shoppers in the lurch.
The retailer had been looking to shore up aggregate funding of around £45-70m over the next 18 months as a stand-alone public company.
It had been discussing a takeover with “a select number of parties” in the hopes of cinching firm offers by the end of October.
However, Made said on Tuesday that all suitors had confirmed that they were “unable” to meet a necessary timetable.
“We appreciate your patience and we hope to be able to restart accepting orders again soon,” a notice on the retailer’s website states.
Earlier this month, the firm shared widening losses after a consumer slowdown, posting a half-year loss before tax of £35.3m, versus £10.1m a year prior.
The first half had been a “challenging time for the global economy and particularly for the retail sector,” chief executive officer, Nicola Thompson, said.
Made previously said it would start cutting costs by laying off staff within the next few weeks. It was not entirely clear how many would be impacted by the cull.
The business only made its debut on the London Stock Exchange in January, with a valuation of £775m. Its share price has taken a hammering to the tune of 99 per cent over the past year to date.