![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/next-buys-made-com-out-of-administration/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/TELEMMGLPICT000314715990_1_trans_NvBQzQNjv4Bq-ayPyDIFkRmcmHVmPD-v21x4rCqpdUIWTeh-etGfXsA.jpeg&description=Next has swooped to seize control of Made.com, after the online furniture retailer crashed into administration. The high street chain has bought the Made.com brand, domain names and intellectual property. Administrators PWC have been hired to sell the business's other assets. Up to 500 jobs are at risk and customers face uncertainty about whether the furniture they have bought from the company in recent weeks will still be delivered. Susanne Given, chair of Made, said: "Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders. "We appreciate and deeply regret the frustration that [Made.com] going into administration will have caused for everyone." News of the deal comes after Made.com founder Ning Li revealed that his offer for the business had been rebuffed. It is thought that Mike Ashley's Frasers Group had also been among those interested in snapping up Made.com, a business which in the summer of 2021 was valued at £775m. By last week, it was worth around £2m, before shares were ultimately suspended. Writing to Made.com staff earlier this week, Mr Li said he had been willing to put up his own money for the offer after having been unable to raise cash from outside investors. However, he said his proposal had been rejected. "Apparently, it would be preferable to break the company up and sell it in pieces to generate a little more cash, rather than saving jobs and honouring our customers. It makes no sense to me. But I wanted you to know that I really tried." Mr Ning founded Made.com in 2010 together with serial entrepreneur Brent Hoberman and Chloe Mackintosh. It follows a major cash crunch at the furniture retailer, amid surging costs and as cost-of-living concerns dampened demand for big-ticket purchases. Last month, Made.com said it needed a cash injection of between £45m and £70m){kind=link}
Up to 500 jobs at risk after the furniture retailer collapsed
Next has swooped to seize control of Made.com, after the online furniture retailer crashed into administration.
The high street chain has bought the Made.com brand, domain names and intellectual property. Administrators PWC have been hired to sell the business’s other assets. Up to 500 jobs are at risk and customers face uncertainty about whether the furniture they have bought from the company in recent weeks will still be delivered.
Susanne Given, chair of Made, said: “Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders.
“We appreciate and deeply regret the frustration that [Made.com] going into administration will have caused for everyone.”