(Sharecast News) - Online furniture retailer Made.com had its shares suspended from trading on Tuesday morning, as its announced its intention to call in the administrators.
The company had announced a strategic review on 23 September, including a formal sale process, and said that since then, it and its advisors had held discussions with a number of interested parties and explored possible offers for its share capital and debt financing arrangements.
On 25 October, Made announced that the selected 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 Made.com Design (MDL), Made's operating subsidiary, considered appropriate next steps," the board said in its statement.
"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 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 as administrators of MDL."
During the strategic review process, Made said it received proposals from interested parties to acquire certain of, or substantially all of, MDL's trade, assets and brands.
It said 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."
Reporting by Josh White for Sharecast.com.