Made.com Group PLC - London-based furniture retailer - Ends formal sale process, as determines "there is no reasonable prospect that an offer" will be made for the company. Says no longer in an offer period as a result. On Wednesday, operating subsidiary Made Design Ltd stopped taking new customer orders "in order to preserve value for [Made] creditors". On Tuesday, shares had dropped by 90% after Made said it is "no longer in receipt of funding proposals or possible offers" to buy the company, as discussions with potential suitors hadn't proceeded quickly enough.
"The board of Made will continue to look to preserve value for its creditors and shareholders as part of the ongoing strategic review," it says on Thursday.
Made bills itself as "digitally native lifestyle brand in home, disrupting the industry with high-quality, exclusive designs underpinned by a responsible, small-batch production model." Its pretax loss widened to GBP35.3 million in the first half of 2022 from GBP10.1 million a year before.
Current stock price: 0.64 pence, up 19% on Thursday in London
12-month change: down from 200p listing price in June 2021
By Tom Waite; thomaslwaite@alliancenews.com
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