Hundreds of unsecured creditors to Made.com will receive less than 2% of the £187m owed to them by the collapsed homewares business.
Creditors including furniture suppliers, local authorities and around 12,000 customers who have already paid for items are set to be left out of pocket following the etailer’s demise earlier this month.
According to a new report from administrators, first reported by The Guardian, Made.com collapsed owing Thurrock Council £658,000 and Islington Council £110,000. Several furniture suppliers are owed more than £100,000.
Made’s biggest unsecured creditors include Google and Facebook, who are owed £1.7m and £1.4m respectively, while the operators of the retailer’s Antwerp warehouse are due £1.8m.
But they are set to receive no more than 1.6% of the sums owed to them before expenses.
In contrast, Made’s main lender, Silicon Valley Bank, is expected to recover almost all of the £3.8m it is owed after Next purchased the Made.com brand and database in a £3.4m deal.
HMRC and Made’s employees will also be paid in full, administrators said.
Around 4,500 items that are already on their way to customers are expected to be delivered. However, administrators PwC warned that if an order had not arrived by November 25, shoppers should submit a claim for a refund.
Around £14.5m of Made stock is still yet to be sold, PwC said. Those goods are either being held in warehouses in the UK and Antwerp or are in transit to Britain. Most of those items will be auctioned off by John Pye.
Made.com’s Trouva site, which it only acquired in May, continues to trade while administrators seek a buyer. PwC hopes to conclude a sale of the Trouva business by the end of 2022.
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