MADE.com would be about to disappear. The British home furnishings e-commerce company went public last year but failed to receive the expected funding, falling well short of what they needed. This problem has been dragging him throughout the year, since his search for a new investor has not borne fruit.
The British platform is facing bankruptcy after not having found anyone willing to inject 45 million pounds.
The Exciting Commerce Portal has shared a statement from the company saying:
The Board invited a select number of parties to work on firm offers by the end of October. After further discussion, those parties have now confirmed to the Company that they are unable to meet the required schedule.
As a result, those discussions have ended and the Company no longer receives financing proposals or potential offers for the Company’s issued and to be issued share capital. While the FSP is ongoing at this stage, there can be no certainty that an offer will be made, nor what the terms of any offer will be.
The Board is considering the position and a further announcement will be made in due course. If no further funds can be obtained or a firm offer is not received by the Company before the Company’s cash reserves are fully depleted, the Board will take appropriate action to preserve value for creditors. There can be no certainty that the terms of any offer or investment received will be adequate.
Social networks have been filled with posts to support the company and workers showing their sadness at the situation. between the posts of LinkedIn was one of its founder, Ning Li.
In 2020 sales reached £315m, which was a 30% year-on-year increase, and in the first three months of 2021 they grew by 63% to £110m.