Made.com on brink of collapse after sales process fails to find buyer

27th October 2022 |

Online furniture retailer Made has today announced that it will terminate a formal sales process after no buyers were found to take over the company.

The decision comes after the company ceased taking new customer orders on Wednesday after stock prices plummeted.

On Tuesday it was revealed that talks with potential buyers had collapsed, which saw the company’s stock price drop by more than 90% to 0.5p by the end of the day.

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 company saw a surge in sales during the Covid-19 lockdown in 2020, as people confined to their homes turned to more digital forms of retail. Made.com saw a 30% year-on-year increase to their sales up to £315m in 2020, and enjoyed a 63% increase to £110m in the first three months of 2021.

This success led to the firm listing on the London Stock Exchange in June 2021 for £775m.

In a statement, the board of Made.com stated that it would “continue to preserve value for its creditors and shareholders as part of the ongoing strategic review and a further update will be made when appropriate.”

Share

Looking for more retail news? you might find these interesting