Made.com close to administration as shares suspended
Online furniture retailer Made.com has filed a notice of intention to appoint administrators as the Financial Conduct Authority suspends the trading of sales in the company.
This comes after the company announced that it had failed to find a buyer last week.
The online retailer ceased taking new orders last Wednesday (26th October) after its stock prices plummeted.
Made.com was founded in 2011 and describes itself as the ‘leading digitally native lifestyle brand in home, connecting designers and makers to customers through technology.’ The retailer saw a boom in sales during the COVID-19 pandemic as more people shopped from home and saw a valuation of £775m on the London Stock Exchange in June 2021.
Since then, the company has suffered weaker sales as consumer spending habits see more customers heading back to the high street.
In a statement this morning, Made.com Design Ltd (MDL) said that it had ‘received proposals from interested parties to acquire certain of or substantially all of MDL’s trade, assets and brands’, however it added that at this point any sale at this stage would be ‘affected by administrators.’
It also added that the board expected the company to be ‘wound up’, that is, shutting down as a result of insolvency.
