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The board of Made.com has formally proposed the winding up of the business through a voluntary liquidation process.
In a statement to the London Stock Exchange (LSE), Made said this will enable liquidators appointed by the company to realise the company’s remaining assets pending completion of the administration of MDL and for the company to save the ongoing costs of a listed company in this period.
It added that any residual value will then be distributed to shareholders and the Company will be wound-up in due course.
Made said shareholders will now be able to vote on the members voluntary liquidation process with a deadline of 12 January 2023.
The news comes after Made.com suspended its shares from trading on the London Stock Exchange last month (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.
