23 May 2024, 04:47
By Furniture News Oct 26, 2022

Made halts orders as sale talks prove unsuccessful

Made.com has stopped taking customer orders, after revealing yesterday that discussions relating to a possible sale of the business have proved unsuccessful.

Made's board invited a select parties to work towards firm offers by the end of October. Following further discussion, those parties have all now confirmed to the company that they are unable to meet the necessary timetable, and, as a result, the discussions have been terminated and the company is no longer in receipt of funding proposals or possible offers for the issued and to-be issued company share capital.

"Whilst at this stage the formal sale process (FSP) is ongoing, there can be no certainty that an offer will be made, nor as to what the terms of any offer may be," states Made. "The board is considering the position and a further announcement will be made in due course.

"If further funding cannot be raised, or a firm offer for the company is not received before the company's cash reserves are fully depleted, the board will take the appropriate steps to preserve value for creditors. There can be no certainty that the terms of any offer or investment received will be suitable."

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