(Alliance News) - Made.com Group PLC has hired PricewaterhouseCoopers to help with repairing its balance sheet, including plans for a share sale to raise around GBP50 million, Sky News reported Wednesday.
According to sources, the furniture retailer is advancing plans to raise funds a month after announcing that it was exploring ways to bolster its financial position.
Sky News reported that the launch of a cash call is expected to take the form of a placing which would require shareholder approval.
https://news.sky.com/story/made-com-drafts-in-advisers-to-assemble-balance-sheet-repair-job-12675406
In July, Made.com said gross sales in the first half of 2022 were 19% lower year-on-year, though up 55% from pre-virus levels.
Profit for 2022 is expected to take a GBP20 million one-off hit from clearance work related to excess inventory and additional costs in its supply chain.
For 2022, Made now expects gross sales to fall by between 15% to 30%. It had previously expected an outcome ranging from flat sales to a 15% fall.
Revenue guidance has been lowered to a range of a 9% fall to a 24% fall from between 8% growth and a 7% decline previously.
Shares in Made.com closed 5.0% lower at 9.88 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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