Made.com reveal several offers as it seeks rescue deal
Troubled online retailers Made has said it has recieved “a number of” non-binding indicative proposals as it seeks a rescue deal.
After reviewing the proposals, the board has invited” a select number of parties” to progress towards firm offers by the end of October, following a due diligence process, Made said on Monday.
Shares jumped almost one third higher on Monday morning in early trading, following the update.
There could be no certainty that an offer will be made, nor as to what the terms of any offer may be, as current talks may be altered or terminated at any time, Made added.
The board has already informed suitors that under current management plans, a stand-alone public company is anticipated to need aggregate funding of around £45-70m over the next 18 months.
On Monday, Made stated that any firm offer would require interim financing “at the time that firm offers are expected.”
It comes after the business announced plans last month to seek a potential sale after it was hammered by a slump in consumer spending as well as supply chain disruption.
Made said in September that it would also carry out a “strategic headcount review” as part of a broader review as it seeks to slash costs.
More recently, it said that up to £70 million in funding will be needed over the next 18 months to secure the future of the company.
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