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| Pandemic furniture star Made.com nears collapse | |
| (32 minutes later) | |
| Online furniture retailer Made.com has moved a step closer towards administration after the company's shares were suspended on Tuesday. | Online furniture retailer Made.com has moved a step closer towards administration after the company's shares were suspended on Tuesday. |
| The firm announced last week that rescue talks to find a buyer for the business had so far failed. | The firm announced last week that rescue talks to find a buyer for the business had so far failed. |
| It has stopped taking new orders and bosses have warned cash reserves could run out if further funding cannot be raised. | It has stopped taking new orders and bosses have warned cash reserves could run out if further funding cannot be raised. |
| Made.com, which was launched in 2011, employed 700 staff at the end 2021. | Made.com, which was launched in 2011, employed 700 staff at the end 2021. |
| During the pandemic, the firm's sales surged as people at home during lockdown bought more furniture and other homeware online. | During the pandemic, the firm's sales surged as people at home during lockdown bought more furniture and other homeware online. |
| But the company has lately hit problems, as households cut back on big-ticket items due to the rising cost of living and global supply chain issues have left customers waiting months for deliveries. | But the company has lately hit problems, as households cut back on big-ticket items due to the rising cost of living and global supply chain issues have left customers waiting months for deliveries. |
| On Tuesday, Made.com announced that trading in its shares had been suspended. It also said it intended to appoint administrators which means the firm is not in administration but heading towards it. | On Tuesday, Made.com announced that trading in its shares had been suspended. It also said it intended to appoint administrators which means the firm is not in administration but heading towards it. |
| The move gives the company 10 days of breathing space to find new backers or sell all or part of the business, a company source told the BBC. | The move gives the company 10 days of breathing space to find new backers or sell all or part of the business, a company source told the BBC. |
| They added that the retailer's board was still "exploring every option available". | They added that the retailer's board was still "exploring every option available". |
| In a statement, the firm said it had "received proposals" from interested parties. | In a statement, the firm said it had "received proposals" from interested parties. |
| However, it said it was likely the company would have to be "wound up" and delisted from the stock exchange before being sold on. | However, it said it was likely the company would have to be "wound up" and delisted from the stock exchange before being sold on. |
| Furniture website Made.com on brink of collapse | Furniture website Made.com on brink of collapse |
| Made.com shares close lower after £775m placement | Made.com shares close lower after £775m placement |
| A surge in growth led to Made being listed on the London Stock Exchange in June last year at a value of £775m. | A surge in growth led to Made being listed on the London Stock Exchange in June last year at a value of £775m. |
| Sales at the business hit £315m in 2020, a year-on-year rise of 30%. They then grew by 63% in the first three months of 2021 to £110m. | Sales at the business hit £315m in 2020, a year-on-year rise of 30%. They then grew by 63% in the first three months of 2021 to £110m. |
| The business was co-founded by Ning Li and Brent Hoberman, best-known for starting Lastminute.com, as well as Chloe Macintosh and Julien Callède. | The business was co-founded by Ning Li and Brent Hoberman, best-known for starting Lastminute.com, as well as Chloe Macintosh and Julien Callède. |
| Ning Li came up with the idea of sourcing directly from designers and manufacturers and selling their furniture on the Made.com website, targeting a computer-savvy audience. | Ning Li came up with the idea of sourcing directly from designers and manufacturers and selling their furniture on the Made.com website, targeting a computer-savvy audience. |
| Although Mr Hoberman is no longer actively involved in the running of the company, he is still a shareholder, as is Ning Li, who was chief executive until the end of 2016 and is currently a non-executive director. | Although Mr Hoberman is no longer actively involved in the running of the company, he is still a shareholder, as is Ning Li, who was chief executive until the end of 2016 and is currently a non-executive director. |
| Have you recently ordered online from Made? Share your experiences by emailing haveyoursay@bbc.co.uk. | Have you recently ordered online from Made? Share your experiences by emailing haveyoursay@bbc.co.uk. |
| Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: | Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: |
| WhatsApp: +44 7756 165803 | WhatsApp: +44 7756 165803 |
| Tweet: @BBC_HaveYourSay | Tweet: @BBC_HaveYourSay |
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