Talks to secure a rescue sale of online furniture company Made.com have collapsed. The firm has indicated it could be forced towards insolvency if another potential buyer does not appear or new funding cannot be found.
Two years ago Made floated on the stock market with a £775 million valuation. But today (Tuesday, October 25) its shares tumbled 93% to 0.5p per share, bringing its value down below £2 million.
Last week, Made.com said it had received a number of takeover proposals. The company has been hit by a downturn in consumer spending as well as supply chain disruption, and previously warned it needed £70 million to secure its future over the next 18 months.
