Made.com, the online furniture firm, is set to go into administration after a rescue deal to find a new buyer failed to materialise.
The company – which employs up to 700 staff – said its operating arm, Made.com Design Ltd (MDL), has filed a notice to appoint administrators.
Additionally, shares in the company have been suspended and PricewaterhouseCoopers (PwC) looks set to be the administrator overseeing the process.
Made.com said in a statement: “In light of MDL’s requirement for further funding, and in order to preserve value for its creditors, the board of MDL took the decision on 26 October 2022 to temporarily suspend new customer orders.
“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.”
It became apparent that the company might not be able to be saved after it recently halted orders to new customers.
The group said PwC would still seek to secure a sale of the firm, given that it received proposals from interested suitors during the aborted month-long sale process, but added that there is no certainty a deal can be reached.
Additionally, it is expected that the company’s ordinary shares will be cancelled, meaning that any value left will be distributed to shareholders before the company is wound up.
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