// Made.com sale talks with “a select number of parties” have collapsed
// The business will “take appropriate steps to preserve value for creditors”
Made.com has moved closer to administration as talks to secure a rescue deal for the embattled business collapsed.
The retailer warned that would be forced to “take appropriate steps to preserve value for creditors” when its funds are depleted.
Last month, the furniture retailer cut more than a third of its staff and kicked off a process to find a buyer following an unsuccessful fundraising round.
It had set a deadline for offers to be made to buy the business by the end of October.
The retailer had entered talks with “a select number of parties” to work towards firm offers but all have now confirmed they are unable to meet the necessary timetable, according to Made.com.
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It said: “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.
“Whilst at this stage the FSP is ongoing, there can be no certainty that an offer will be made, nor as to what the terms of any offer may be.”
Made.com said it was “considering the position” and a further announcement will be made in due course.
It added: “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.”
It warned that it “may determine” to suspend its shares on the stock exchange and would make a further announcement in due course.
