Made.com rescue talks collapse
It comes as potential buyers for the group said they were ‘unable to meet the necessary timetable’ for submitting firm offers
Made.com has edged closer to collapse after rescue talks for the group fell through.
Having invited a “select” number of parties to submit firm offers by the end of the month, the group said the potential buyers have since confirmed they were “unable to meet the necessary timetable”.
In light of this, the rescue talks were terminated and the group confirmed it is “no longer in receipt of finding proposals or possible offers” for its takeover.
It added that while a FSP is ongoing, there could “be no certainty that an offer will be made, nor as to what the terms of any offer may be”.
It warned that if further funding cannot be raised, or a firm offer is not received before its cash reserves are fully depleted, the board will have to “take the appropriate steps to preserve value for creditors”.
In its full statement, Made.com said: “The board invited a select number of parties to work towards firm offers by the end of October. Following further discussion, those parties have all now confirmed to the company that they are unable to meet the necessary timetable.
“As a result, those discussions have been terminated and the company is no longer in receipt of funding proposals or possible offers for the issued and to be issued share capital of the company. Whilst at this stage the FSP is ongoing, there can be no certainty that an offer will be made, nor as to what the terms of any offer may be.”
It added: “The board is considering the position and a further announcement will be made in due course. If further funding cannot be raised, or a firm offer for the company is not received before the company’s cash reserves are fully depleted, the board will take the appropriate steps to preserve value for creditors. There can be no certainty that the terms of any offer or investment received will be suitable.”
