It has been reported in The Guardian that Made.com’s dream of becoming the “new Ikea” will end today when administrators are appointed, triggering about 500 job losses and leaving thousands of customers in the lurch.
The London-based company was valued at almost £800m when it listed on the stock exchange in summer 2021.
The Made.com name is expected to be sold straight away, most likely to its high street rival Next, in a cut-price deal. After a desperate hunt, no buyers interested in taking on the whole company came forward; one industry expert described it as a “basket case”.
Like other online companies, Made.com’s sales rocketed during the pandemic only to slump when life returned to normal. It has spent several desperate months trying to raise the extra cash it needed to continue operating.
