Made.com nears administration as shares suspended
Made.com said its board expects 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
Made.com has announced its shares have been suspended from trading on the London Stock Exchange this morning (1 November) as the retailer announced its intention to enter into administration after failing to secure a buyer for the group.
Its operating subsidiary, Made.com Design Ltd (MDL), has appointed Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson of PricewaterhouseCoopers LLP (PwC) as administrators.
Made.com said its board expects 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.
