Furniture e-commerce company Made.com has temporarily suspended orders from new customers after a breakdown in talks with potential buyers.
As of this morning, customers visiting Made.com will not be able to place new orders, instead they will be greeted with a message saying “please wait, we’ll be back soon”.
The London-based firm has been in talks with a “selected number of parties” with a view to securing a takeover by the end of the year.
The company said on Tuesday that the interested parties were unable to meet conditions set by Made, which required the deal to close by the end of the month.
Made.com said in a statement: “The decision to temporarily suspend new customer orders remains under review and further announcement will be made as appropriate.”
Consumer spending on furniture took a a significant blow in recent months amid rising costs of living in the UK.
It’s a dramatic turnaround for Made.com, which went public on the London Stock Exchange in June 2021. a record year for tech IPOs in the UK.
The online furniture retailer had an initial market capitalization of £775m at the time of its IPO, but has since plummeted to £37.1m.
Several other high-profile UK tech IPOs that year, including Deliveroo, Moonpig and Trustpilot, saw share prices plummet from their IPOs, hitting the UK public market.
