Online furniture retailer Made.com has confirmed it has entered into non-disclosure agreements and begun discussions with a number of interested parties regarding the sale of the company.
MADE said that these interested parties will be provided with additional information on the Group and be invited to put forward ‘non-binding indicative proposals in the middle of October’.
“The Board will review these proposals and expects a select number of parties will be invited to participate in a second phase to conclude as soon as practicable thereafter,” MADE said.
“Further to the statements in MADE’s interim results for the 6 months ended 30 June 2022 regarding the funding that would be required to implement management’s plan to achieve the Group’s longer-term strategy of sustainable profitability, after further work with its advisors, as part of the ongoing Strategic Review and Formal Sale Process, the Board will make interested parties aware that the current management plan for a stand-alone public company is expected to require aggregate funding in the region of £45-70m over the course of the next 18 months.
“Parties interested in submitting an expression of interest or other proposal relating to any strategic option for the business, should contact PricewaterhouseCoopers LLP (PwC). Any parties who have not already done so should contact PwC without delay.
“Current discussions may be altered or terminated at any time and, accordingly, there can be no certainty that an offer will be made, nor as to what the terms of any offer may be. The Board will continue to update shareholders further as appropriate.”