Online furniture firm Made.com is set to appoint administrators after rescue talks to find a buyer for the group failed.
The company – which employs up to 700 staff – said its operating arm, Made.com Design Ltd (MDL), has filed a notice to appoint administrators, with PricewaterhouseCoopers lined up, while shares in the London-listed group have been suspended.
Made.com has offices in London, Paris, Berlin, Amsterdam, China and Vietnam.
It comes after the company recently halted orders to new customers after abandoning hopes of getting a buyer to save it and inject the cash needed to stay afloat.
Made.com said: “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.”
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.
It said shares in Made.com will be suspended and that the board “currently expects that, in due course, the listing of the company’s ordinary shares will be cancelled, any residual value will be distributed to the company’s shareholders and the company will be wound up”.