Online furniture and homeware retailer MADE.com has this morning confirmed that it has entered into administration.
The collapse of the company comes after the retailer – which was founded back in 2010 by Brent Hoberman, the Lastminute.com co-founder, and Chinese entrepreneur Ning Li – went public last year with a valuation of £775 million following what was said to be a “stellar sales performance” during the COVID-19 pandemic.
Sales then began to fall away, however, when COVID restrictions came to an end and customers started to complain about the long waits and delayed deliveries for their orders.
MADE.com suspended trading shares over a week ago, and its market value then slumped to £2.1 million.
Up to 500 jobs are now believed to be at risk following the collapse.
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News that that MADE had filed a notice of intention to appoint administrators, and that the company was “exploring all options” – including an accelerated sale of all of parts of the business – began circulating last week.
Online furniture retailer MADE has entered into administration / Credit: made.com
Administrators at PricewaterhouseCoopers (PWC) were beginning the task of selling the company’s other assets and paying off its debts to creditors – but now it’s been announced that the company has officially entered into administration.
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It has also been confirmed today that rival retailer Next has snapped-up the MADE.com brand, its website, and intellectual property.
Speaking as the business goes into administration, Nicola Thompson – Chief Executive of MADE.com – said: “I would like to sincerely apologise to everyone – customers, employees, supplier partners, shareholders and all other stakeholders – impacted as a result of the business going into administration.
“Made is a much loved brand that was highly successful and well adapted, over many years, to a world of low inflation, stable consumer demand, reliable and cost efficient global supply chains and limited geo-political volatility – but that world vanished, the business could not survive in its current iteration, and we could not pivot fast enough.”
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The retailer has shared a message of its notice of intention to appoint administrators on its website / Credit: made.com
Ms Thompson confirmed that the brand “will now continue under new owners.”
Co-founder Ning Li said shortly before the firm’s collapse that he had submitted three proposals to MADE.com’s board and PwC to buy back the company, but he claimed his offer had been rejected.
He wrote in a statement on LinkedIn: “Apparently, it would be preferable to break the company up and sell it in pieces to generate a little more cash.
“It makes no sense to me, but I wanted you to know that I really tried.”
Featured Image – made.com
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Luxury Manchester gym Blok confirms permanent closure after weeks of uncertainty
Daisy Jackson
Blok Manchester has announced its permanent closure, weeks after the doors to the premium fitness facility mysteriously closed.
Around a fortnight ago, members began to arrive to their classes to find the gym on Ducie Street locked up and a forfeiture notice on the door – but at the time, Blok said that it was fighting to reopen.
Sadly, in an email sent to members today, its founder has confirmed that the studio is now permanently closed.
Blok – which has several very successful sites down in London – said that its relationship with its landlord has ‘broken down to a point where trust has been lost’.
The gym wrote that it’s been left with ‘no workable way forward’.
They said: “BLOK Manchester was a space built by our loyal and dedicated community. Whether you joined us for one class or one hundred, we are deeply grateful. You helped create something genuinely special in an incredible city.”
In the immediate future, they said they’ll be supporting the team of fantastic trainers who worked here, as well as looking after members.
Members will be contacted within a few hours with options and refunds owed.
Blok Manchester has announced its permanent closure. Credit: The Manc Group
CEO and founder Ed Stanbury said: “While this marks the end of a chapter, we don’t see it as the end of our story in Manchester. We’re already speaking with developers about potential future sites and remain committed to returning to the city when the time is right.
“Thank you for being part of our story so far. Let’s shape the future of wellness. The mission continues.”
Commenting on Blok’s Instagram post – its first in almost a fortnight – people have been sharing their sadness at the closure of its Manchester site.
One person wrote: “beautiful space, beautiful staff and beautiful community.”
Another said: “Sending love to all the instructors !! :(((( gutted”
Someone else commented: “THE BEST CLASSES. I’m gutted.”
‘The average cost of a pint’ in the UK by region, according to the latest data
Danny Jones
Does it feel like pints keep getting more and more expensive almost every week at this point? Yes. Yes, it does, and while you can’t expect a city as big as Manchester to be one of the cheapest places to get one in the UK, we do often wonder how it compares to other parts of the country.
Well, as it happens, someone has recently crunched the numbers for us across the nation, breaking down which regions pay the most and the least for their pints.
The data has been examined by business management consultancy firm, CGA Strategy, using artificial intelligence and information from the latest Retail Price Index figures to find out what the ‘average cost of a pint’ is down south, up North and everywhere in between.
While the latest statistics provided by the group aren’t granular enough to educate us on Greater Manchester’s pint game exactly, we can show you how our particular geographic region is looking on the leaderboard at the moment.
That’s right, we Mancunians and the rest of the North West are technically joint mid-table when it comes to the lowest average cost of a pint, sharing the places from 3rd to 8th – according to CGA, anyway.
Powered by consumer intelligence company, NIQ (NielsenIQ) – who also use AI and the latest technology to deliver their insights – we can accept it might seem like it’s been a while since you’ve paid that little for a pint, especially in the city centre, but these are the stats they have published.
Don’t shoot the messenger, as they say; unless, of course, they’re trying to rob you blind for a bev. Fortunately, we’ve turned bargain hunting at Manchester bars into a sport at this point.
We might not boast the lowest ‘average’ pint cost in the UK, but we still have some bloody good places to keep drinking affordable.
London tops the charts (pretends to be shocked)
While some of you may have scratched your eyes at the supposed average pint prices here in the North West, it won’t surprise any of you to see that London leads the way when it came to the most expensive pint when it came to average cost in the UK.
To be honest, £5.44 doesn’t just sound cheap but virtually unheard of these days.
CGA has it that the average cost of a beer in the British capital is actually down 15p from its price last September, but as we all know, paying upwards of £7 for a pint down that end of the country is pretty much par for the course the closer you get to London.
Yet more reason you can be glad you live around here, eh? And in case you thought you were leaving this article with very little, think again…
Emily Sergeant -
9th November 2022 
