Made.com Group PLC - London-based furniture retailer - Operating subsidiary Made Design Ltd stops taking new customer orders, after talks for a funding or takeover offer fail. Made says the suspension is temporary and remains under review. The decision is taken "in order to preserve value for [Made] creditors", as MDL is reliant on the parent for funding. "The board of Made will continue to look to preserve value for its creditors and shareholders in light of this decision," it says on Wednesday. The day before, shares dropped by 90% after Made said it is "no longer in receipt of funding proposals or possible offers" to buy the company, after discussions didn't proceed quickly enough.
"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," Made said on Tuesday, adding it may suspend the listing of its shares on the London Main Market.
Current stock price: 0.55 pence, up 11% on Wednesday in London
12-month change: down from 200p listing price in June 2021
By Tom Waite; thomaslwaite@alliancenews.com
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