(Alliance News) - Made.com Group PLC shares tumbled as it said talks with possible suitors fell through, with the sofa seller now edging precariously closer to collapse.
Made said that discussions with a "select number of parties" yielded little success.
"Following further discussion, those parties have all now confirmed to the company that they are unable to meet the necessary timetable. As a result, those discussions have been terminated and the company is no longer in receipt of funding proposals or possible offers for the issued and to be issued share capital of the company," Made said.
It remains in a formal sale process, but cautioned there is no certainty that a buyout will materialise.
Made.com added: "The board is considering the position and a further announcement will be made in due course. 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. There can be no certainty that the terms of any offer or investment received will be suitable."
Made.com is also mulling whether a suspension of trading of its shares is "appropriate".
"A further announcement will be made in due course," Made said.
Earlier this month, Made said it had received a "number of non-binding indicative proposals" during its formal sale process.
Made shares were 86% lower at 1.01 pence each in London on Tuesday afternoon. It floated at 200p meaning the stock has lost 99% of its value since then.
By Eric Cunha; ericcunha@alliancenews.com
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