Online furniture retailer Made.com has confirmed it intends to call in administrators with PricewaterhouseCoopers LLP set to be appointed.
This announcement follows MADE’s recent struggles of completing a sale or raising further funds to continue to trade. It recently revealed that a number of interested parties were invited to work towards firm offers by the end of October but they were unable to meet the necessary timetable and as a result those discussions had been terminated and it was no longer in receipt of funding proposals or possible offers for the business.
As a consequence, the board of Made.com Design Ltd (MDL), MADE’s operating subsidiary, considered appropriate next steps and on 26 October 2022, it temporarily suspended new customer orders.
Confirming its intentions to appoint administrators, MADE said in a statement: “MADE has now been notified that the board of MDL has resolved to file notice of its intention to appoint administrators, with a view to appointing Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson of PricewaterhouseCoopers LLP as administrators of MDL.
“During the strategic review process, MADE received proposals from interested parties to acquire certain of or substantially all of MDL’s trade, assets and brands. Any such sale of MDL’s trade, assets and brands would at this stage be effected by administrators of MDL following their appointment. There can be no certainty that any such sale will proceed or as to the terms or timing of any such sale.
“Following a request by the Board, the Company’s ordinary shares have been suspended from trading on the London Stock Exchange’s Main Market for listed securities this morning (1 November 2022). The Board currently expects that, in due course, the listing of the Company’s ordinary shares will be cancelled, any residual value will be distributed to the Company’s shareholders and the Company will be wound up.”