arista
27-10-2022, 03:07 AM
[Online furniture retailer Made.com has
stopped taking new orders after talks
to find a buyer failed,
pushing the firm towards collapsing.
Bosses warned if further funding could
not be raised before its cash reserves ran out,
it would take "appropriate steps to
preserve value for creditors".
The firm's share price plummeted after
it revealed rescue talks with potential
buyers had been terminated on Tuesday.
The company said its decision to halt orders
was "under review".
It added "a further announcement will
be made as appropriate".
The share price of the company,
which employed around 700 staff
at the end of last year, closed on
Tuesday at just 0.5p a share,
after dropping by more than 90%.
Made.com, which was launched
in 2011 with £2.5m in funding,
was co-founded by Ning Li and Brent Hoberman,
best-known for starting Lastminute.com
Chloe Macintosh and Julien Callède also helped
start the business.]
https://en.wikipedia.org/wiki/Brent_Hoberman
One Backer is South African.
https://www.bbc.co.uk/news/business-63403363
stopped taking new orders after talks
to find a buyer failed,
pushing the firm towards collapsing.
Bosses warned if further funding could
not be raised before its cash reserves ran out,
it would take "appropriate steps to
preserve value for creditors".
The firm's share price plummeted after
it revealed rescue talks with potential
buyers had been terminated on Tuesday.
The company said its decision to halt orders
was "under review".
It added "a further announcement will
be made as appropriate".
The share price of the company,
which employed around 700 staff
at the end of last year, closed on
Tuesday at just 0.5p a share,
after dropping by more than 90%.
Made.com, which was launched
in 2011 with £2.5m in funding,
was co-founded by Ning Li and Brent Hoberman,
best-known for starting Lastminute.com
Chloe Macintosh and Julien Callède also helped
start the business.]
https://en.wikipedia.org/wiki/Brent_Hoberman
One Backer is South African.
https://www.bbc.co.uk/news/business-63403363