Listed Made.com appears to be in administration after failing to find a buyer.
An e-commerce business that joined the main market of the London Stock Exchange in June 2021 at a valuation of £775msuspended new orders for furniture and asked to suspend trading in its shares.
Worth less than £3m today, it sought to sell as part of a strategic review led by PwC after failing to stem the rise in losses caused by a return to in-store furniture shopping.
“The board has invited a select number of parties to work on firm proposals by the end of October,” the statement said. “After further discussion, all these parties have confirmed to the company that they are unable to meet the required schedule.
“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.
“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 action to preserve value for creditors.”
The London-headquartered company blamed a decline in discretionary consumer spending – a result of higher inflation and a sharp decline in consumer confidence – and the accompanying “headwinds” of deglobalization and supply chain destabilization for the decision to seek a buyer.
Its shares fell nearly 90% on the London Stock Exchange on Tuesday, falling below a penny. Their price at the time of their placement was 200 rubles.
Nicola Thompson (pictured) succeeded Philippe Chagno as chief executive when he stepped down in February, with finance director Adrian Evans leaving soon after.
The end for Made.com? Listed retailer on brink of administration
