23 July 2024, 21:23
By Furniture News Nov 01, 2022

Made files notice to appoint administrators

Made has filed notice of intent to appoint administrators at Made's operating subsidiary, Made.com Design Ltd (MDL).

On 23rd September, the retailer announced a strategic review, including a formal sale process. Since then, it says it and its advisers have held discussions with a number of interested parties, and have explored possible offers for the issued and to-be-issued share capital of the company and debt financing arrangements.

On 25th October, Made subsequently announced that the select number of interested parties invited to work towards firm offers by the end of October had all confirmed that they were unable to meet the necessary timetable and that as a result those discussions had been terminated and it was no longer in receipt of funding proposals or possible offers for its share capital.

"As a consequence, the board of MDL, Made's operating subsidiary, considered appropriate next steps," states the company. "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 26th 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.

"During the strategic review process, Made received proposals from interested parties to acquire certain of or substantially all of MDL's trade, assets and brands. Any such sale of MDL's trade, assets and brands would at this stage be effected by administrators of MDL following their appointment. There can be no certainty that any such sale will proceed or as to the terms or timing of any such sale.

"Following a request by the board, the company's ordinary shares have been suspended from trading on the London Stock Exchange's main market for listed securities this morning. 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."

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