Listed seems set to collapse into administration after failing to find a buyer.

The eCommerce business, which joined the main market of the London Stock Exchange in June 2021 at a valuation of £775 million, has suspended new furniture orders and requested the suspension of trading in its shares.

Worth less than £3m 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.

“The board invited a select number of parties to work towards firm offers by the end of October,” a statement read. “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.

“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.”

Cybersecurity unicorn Snyk ‘to cut 200 jobs’

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.

Its shares plunged by nearly 90% on the London Stock Exchange on Tuesday, taking them below a penny. Their price at the time of their listing was 200p. 

Nicola Thompson (pictured) replaced Philippe Chainieux as CEO when he quit in February, while finance director Adrian Evans exited soon afterwards.