There was initially no news on how many, if any, employees would be saved when it was confirmed that the online furniture retailer’s subsidiary had officially collapsed and rival Next had taken over its brand, website and intellectual property. The administrators of PricewaterhouseCoopers (PWC) were beginning the task of selling the company’s other assets and paying off its debts to creditors. The parent company’s IPO was expected to be cancelled, just over a week after trading in Made.com’s shares was suspended. Chief executive Nicola Thompson said: “I would like to sincerely apologize to everyone – customers, employees, supplier partners, shareholders and all other stakeholders – affected by the business going into administration. “Over the last few months we have fought hard to quickly resize our cost base, re-engineer our supply and inventory model and have tried every avenue possible to raise new funding and avoid this outcome. “Made is a much-loved brand that has been highly successful and well-adapted, over many years, in a world of low inflation, stable consumer demand, reliable and efficient global supply chains and limited geopolitical volatility. “That world disappeared, the business couldn’t survive in its current iteration and we couldn’t pivot fast enough. “The brand will now continue under new owners. I hope a reimagined Made will prove viable and continue to be loved by customers.” Made.com was founded by Brent Hoberman, the co-founder of Lastminute.com, and Ning Li, a Chinese businessman, and went public in London last year at a valuation of £775m after a spectacular sales performance during the COVID pandemic . Its market value had fallen to £2.1m by the time the shares were suspended. The catastrophic decline in its share price was also partly the result of the collapse of technology-related stocks. Made, which was considering a cash call to raise £50m from shareholders before opting for a sale, employed 700 people at its peak.
