// Made.com co-founder Ning Li criticises bosses for “losing focus” as the retailer is on brink of collapse
// PwC could be appointed as administrators before the end of the week
The co-founder of Made.com has blamed the collapse of rescue talks on bosses “losing focus” as the retailer is close to appointing administrators.
Made.com called off its search for a buyer on Thursday, saying there was now no reasonable prospect that an offer would be made for the business.
PwC could be appointed as administrators before the end of the week.
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Ning Li, who founded Made.com in 2010 with Brent Hoberman and Chloe Macintosh, criticised the recent direction of the business.
“The mantra was simplicity – because it meant value for our customers and cost efficiencies for the business. From where I am sitting today I think the brand has lost sight of that focus in recent years, – and as a result, lost its strength,” he said.
“The brand was my baby. It pains me to see that suddenly the lifeline of many (800) employees and hundreds of suppliers – some of them have been with the business over a decade – is in jeopardy.
“I feel both powerless, having stepped down as chief executive in 2017, but also immensely frustrated as lawyers and the board has formally forbid me to even talk to any of them.”
Li remains Made.com’s third largest shareholder with an 8.56% stake, behind Level Equity Management and Partech Growth.
Made.com pulled its website yesterday and stopped taking new furniture orders.
PwC has been advising Made.com on cost-cutting efforts as the retailer attempts to stay afloat.
