nline furniture company Made.com revealed that negotiations for a rescue sale had failed.

The company has seen its market value almost completely wiped out after the retail group said it could face insolvency unless another potential suitor emerges or new funding is found.

Last week, Made.com revealed it had received multiple takeover offers as part of a formal sale after it was hit by a slump in consumer spending as well as supply chain disruption.

The company has warned in recent months that it is considering job cuts and will need £70m to secure its future over the next 18 months.

After further discussion, all of these parties have confirmed to the Company that they are unable to meet the required schedule

On Tuesday, the listed company confirmed that talks with potential interested parties, which they had hoped would be able to find a buyer by the end of the month, had ended.

“After further discussion, all of these parties have confirmed to the company that they are unable to meet the required schedule,” the company said.

“As a result, these discussions have been terminated and the company is no longer receiving financing offers or potential offers in respect of the company’s issued and outstanding share capital.”

Made’s board added that the business is reviewing its current position and will make a further announcement in due course.

It added: “If further financing cannot be raised or a firm offer for the company is not received before the company’s cash reserves are fully exhausted, the board of directors will take appropriate steps to preserve value for creditors.

“There can be no assurance that the terms of any offer or investment received will be suitable.”

It comes less than two years after Made floated on the stock market at a valuation of £775m.

Actions fell a further 93% to 0.5p a share on Tuesday, falling below £2m.

Made said it had asked the London Stock Exchange to suspend its shares.