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Made.com board proposes formal liquidation

Shareholders of Made.com have been encouraged to back a board proposal to formally wind down the furniture firm through a member’s voluntary liquidation. In an update… View Article

HOME & DIY

Made.com board proposes formal liquidation

Shareholders of Made.com have been encouraged to back a board proposal to formally wind down the furniture firm through a member’s voluntary liquidation.

In an update to the London Stock Exchange, the collapsed homeware firm said this would allow liquidators to realise its remaining assets pending completion of its administration.

It would also allow the firm to save the ongoing costs of a listed company.

Any residual value will then be distributed to shareholders before Made.com is wound-up in due course.

Shareholders have been recommended to back the proposal, with a general meeting scheduled for the morning of 16 January.

Just 18 months after making its £775m debut on the London Stock Exchange, the e-commerce retailer plunged into administration after being hammered by a pull-back in spending on big-ticket items amid soaring household bills.

High street retailer Next snapped up the brand, domain names and intellectual property of Made.com for £3.4m in a prepack administration earlier this year.

All UK stock from Made.com has been included in the inventory, comprising of several thousands of upholstery, home furniture, outdoor and leisure, home accessories and lighting items.

Last month, around 12,000 UK orders were outstanding, with customers unable to get a refund from the company directly and forced to contact their bank providers.

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