Made.com Group PLC (LSE:MADE) said it has stopped taking new customer orders after the board’s attempt to sell the company were dashed.
The online furniture retailer’s operating business, Made Design Ltd (MDL), will temporarily suspend new orders “in light of the fact [it] is reliant” on its parent company for further funding.
The retailer's website had a holding page with a photo of a dog on a pouffe, with a message saying: "Sit tight, we’ll be back soon. We’re making some important updates to improve your shopping experience."
A stock market statement, meanwhile, said directors “continue to look to preserve value for its creditors and shareholders in light of this decision” following yesterday’s decision to end talks with potential suitors as none were able to “meet the necessary timetable”.
Made’s board said that if further funding cannot be raised, or a firm takeover offer received before its cash reserves run out it “will take the appropriate steps to preserve value for creditors”.
In August, the company had said it needed to raise around £50mln, but last month it noted that equity fundraising had failed due to stock market conditions not being supportive.
Yesterday it said it “may determine that it is appropriate to request a suspension of listing of the company's ordinary shares”, which fell 90% on the news to 0.5p, down from 140p at the start of the year.
On Wednesday morning they were up 29% to 0.65p.