(Alliance News) - Next PLC on Wednesday said it has agreed to buy assets of failed furniture seller Made.com out of administration.
Clothing and homewares retailer Next said it will buy the brand name, domain names and intellectual property of Made.com Design Ltd from administrators for GBP3.4 million.
Next shares were down 1.3% at 5,318.00 pence on Wednesday morning in London, underperforming the wider FTSE 100 index, which was down just 0.4%
Made.com Group PLC on Wednesday said it has appointed Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson of PricewaterhouseCoopers as administrators.
Made.com shares have been suspended from trading, with a cancellation expected in "due course".
Made.com debuted on the London Main Market in June of last year, so it lasted less than a year and a half as a listed company.
Made.com said that assets not bought by Next "will be realised by the administrators in due course and payments made to creditors in accordance with the statutory priority".
"Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders," said Made.com Chair Susanne Given.
"We appreciate and deeply regret the frustration that MDL going into administration will have caused for everyone."
By Tom Waite; thomaslwaite@alliancenews.com
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