Listed Made.com has collapsed into administration.
The eCommerce business, which joined the main market of the London Stock Exchange in June 2021 at a valuation of £775 million, is worth less than £2m today.
It had sought a sale as part of a strategic review led by PwC after failing to stem increasing losses caused by the move back towards buying furniture in-store.
After failing to find a buyer, it suspended new furniture orders late last month and requested the suspension of trading in its shares.
Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson of PricewaterhouseCoopers are set to be appointed administrators of Made.com Design Ltd, its operating subsidiary.
“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,” read a company statement.
“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.”
The London-headquartered company had blamed a decline in discretionary consumer spending – stemming from increased inflation and a steep decline in consumer confidence – and the accompanying ‘headwind’ of deglobalisation and destabilisation of supply chains for the decision to seek a buyer.
Nicola Thompson (pictured) replaced Philippe Chainieux as CEO when he quit in February, while finance director Adrian Evans exited soon afterwards.