Made.com co-founder Ning Li has failed in his attempt to purchase the stricken furniture specialist and the likes of Next and Frasers are now eyeing potential bids. 

Former chief executive Li told staff he “really tried” to save their jobs, only for his third proposal to be rejected by the board and administrators PwC. 

In a note to staff posted on LinkedIn, Li said his proposal had failed as more cash could be generated by selling off parts of the business separately, which “made no sense” to him. He also said his offer aimed to save 100 jobs and honour unfulfilled customer orders. 

Li said: “Just like you all, I wanted the brand to live on and live well. Last Friday [November 4], I submitted my third and final proposal to buy the company back to the board of directors and PwC. I couldn’t raise external money — all the investors were spooked by the situation — so I went all in with my own cash.

“My plan would be to simplify our product offerings, streamlining the operations, and run a smaller but profitable business. My plan proposed to the board to keep at least 100 jobs (and more, if I could), keeping our offices open and honouring all the orders of undelivered customers. It felt just like the right thing to do to me, although I have no clue if other bidders are bothered about saving jobs and reimbursing customers.”

Other bidders are thought to include Next and Frasers Group, with the former understood to be the frontrunner.

Last week, Made.com share trading was suspended and a notice to appoint administrators was filed. It is expected to formally enter pre-pack administration on November 8.

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