Made.com expected to fall into administration this week
The news comes after Made.com suspended its shares from trading on the London Stock Exchange last week
Made.com is reportedly expected to enter administration early this week (7 November) after failing to find a buyer.
According to reports it is thought that fashion retailer Next is the current frontrunner to acquire the Made brand name, with PwC set to oversee the sale of its intellectual property.
The news comes after Made.com suspended its shares from trading on the London Stock Exchange last week (1 November).
Its operating subsidiary, Made.com Design Ltd (MDL), appointed Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson of PricewaterhouseCoopers LLP (PwC) as administrators.
Made.com said its board expected that the listing of its ordinary shares will be cancelled, any residual value will be distributed to the company’s shareholders, and the company will be wound up.
On 23 September, Made.com announced a strategic review, including a formal sale process to sell the business. The company and its advisers have since held discussions with a number of interested parties and have explored possible offers.
However, on 25 October, the retailer said that the select number of interested parties were unable to meet the deadline for the end of October, and those discussions had consequently been terminated.
The board also temporarily suspended new customer orders on 26 October in light of MDL’s requirement for further funding and in order to preserve value for its creditors.
