Made.coma UK-based e-commerce company that sells furniture and related home accessories across seven European markets; is preparing for default. because it confirmed the plan appoint an administrator after a buyer cannot be found.
Founded in 2010, Made.com emerges as something to be reckoned with in the UK start-up space because of the way it works with selected partners to optimize the entire design process. and produce furniture, while maintaining costs through a primarily online platform (although it played with physical store over the years). Company keep improving around $137 million from some of Europe’s top investors.
Today’s news comes more than a year after the company has its headquarters in London to the community on the London Stock Exchange, a move that immediately sent its shares down 7% on the first day of trading again. Made.com valued its shares initially at 200 pence, valuing at around £775 million ($894 million), but its fortunes never recovered since taking office in June 2021, with its stock continuing to free-fall in the months to an all-time low of 34 pence.
Today’s announcement may come as a bit of a surprise. Made.com revealed back in September that they are looking at potential job cuts and sales, in the wake of the economic downturn and disruptions in their supply chains. In fact, the company’s losses have increased in the first half of this year, falling from £10.1 million in the first half of 2021 to £35.3 million.
While Made.com did previously reported that it is in active discussions with potential buyers, things took a turn for the worse last week when The company ceased operations received a new order and revealed that it will not process any refund or return requests. With the clock ticking to find a buyer by the end of October, Made.com has now confirmed that no interested parties have been able to “meet the necessary timetable” to close the deal, and discussions are now closed. terminated.
With PricewaterhouseCoopers lined up as admins, Made.com is now Temporarily suspended trade in its common shares, although this will most likely result in permanent cancellation as management plans are upgraded.