Made.com is teetering on the brink of administration after several potential suitors pulled out of rescue bids for the business.
The embattled homewares etailer said this morning that it was temporarily suspending new customer orders.
That followed the news yesterday that although it had invited “a select number of parties” to table offers before the end of October, all of those potential bidders had now backed away from a deal.
Made said all parties had “confirmed to the company that they are unable to meet the necessary timetable”.
The retailer said, as a result, “those discussions have been terminated”.
Made now no longer has any funding proposals or possible offers on the table, leaving it staring down the barrel of a possible insolvency process.
The formal sale process is ongoing but Made admitted there was “no certainty that an offer will be made, nor as to what the terms of any offer may be”.
It warned that, if further funding cannot be raised, the board would “take appropriate steps to preserve value for creditors”.
Made.com kicked off a formal sale process and axed around a third of its workforce earlier this month following an unsuccessful fundraising round.
It said it required between £45m and £70m to allow it to trade through the next 18 months.
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