Online furniture retailer Made.com is planning to appoint administrators after failing to find a buyer.
The company did well during the pandemic as people bought more furniture and other homeware items online. However, it has struggled this year as households cut back on big purchases amid the cost of living crisis and global supply chain issues left customers waiting months for deliveries.
In the first half of 2022 Made.com reported a pre-tax loss of £35.3m, compared with a loss of £10.1m a year earlier.
The retailer stopped taking new orders last week.
Made.com’s management has been in discussions with a number of interested parties but none were unable to meet the necessary timetable to save the business. As a result, the company is no longer in receipt of funding proposals or possible offers for its share capital.
Its shares have been suspended from trading on the London Stock Exchange.
The notice of intention to appoint administrators gives Made.com a moratorium period of 10 days to find new backers or sell all or part of the business.
Established in 2011, Made.com has around 700 employees.
