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.
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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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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Manchester set for its busiest weekend of the year with pop-up Park and Rides to open
Emily Sergeant
Pop-up Park and Ride facilities are set to open as Manchester prepares for what’s expected to be its busiest weekend of the year.
The festive season in the run up to Christmas always sees more people flock to the city centre than usual, but this weekend will likely be even busier than expected, as not only are Manchester Christmas Markets still in full swing, but there are also a number of gigs, live festive shows, and major sporting events coinciding with this.
So in a weekend that sees legends gigging and the Manchester Derby take place, as you would expect, thousands are predicted to flock to Manchester city centre and Etihad Campus.
Because of this, Transport for Greater Manchester (TfGM) is taking action and encouraging people to dodge the likely congestion and use public transport instead where possible – with pop-up Park and Rides set to be introduced for weekend shoppers and fun-seekers who do want or need to drive.
On Saturday and Sunday, Booth Street West Car Park D (M15 6PD) – which will have 965 parking spaces available – will be free for customers travelling to the city centre by bus, and then again on Sunday, the same car park will be free for those attending Paul McCartney at Co-op Live.
Your ticket to the gig must be shown on entry, before a dedicated shuttle bus then takes you from the car park to the Etihad Campus.
Disney On Ice will be hosting four shows at AO Arena this weekend / Credit: Supplied
Shuttle buses – which are only available on the Sunday – will depart from Higher Cambridge Street and run to Co-op Live and back every 15 mins from 4pm until midnight.
Emirates Old Trafford cricket ground (Talbot Road, Stretford, M16 0PX) will also have 500 parking spaces available for Metrolink customers on Sunday, but you must show a valid pre-booked tram ticket to park there.
On Sunday [15 Dec], we’re offering free parking at Emirates Old Trafford to help relieve congestion in the city.
The Park and Ride is available to customers with a valid tram ticket purchased on the app, at a ticket machine or via contactless.
Anyone else planning to drive across the weekend may also want to consider using one of the permanent Park and Ride sites and complete their journey on foot or by public transport, and you can find more information and the locations of these sites on the Bee Network website here.
Tram capacity has been increased for the festive season, with every available tram running until 1am on Fridays and Saturdays.
The V1 and 36 bus services now also run 24 hours a day.
Other late-running buses on the Bee Network from Manchester include the 43 service to Manchester Airport, the 86 to Sale, and the 142 to East Didsbury.
Body found in search for missing Stockport postman Steven Caulfield
Emily Sergeant
A body has been found in the search for a 70-year-old former postman from Stockport who went missing a couple of months ago.
Greater Manchester Police (GMP) issued a public appeal after to help find Steven Caulfield, who was last seen in the vicinity of the golf course next to Middlewood Way, in the Marple area of Stockport, at around 4pm Tuesday 1 October, after he failed to return home from a walk.
Since Steven was reported missing, an extensive missing person investigation was launched by Stockport detectives, alongside a widespread search by specialist GMP officers, and a number of missing appeals were also published on social media and shared widely – not just in Greater Manchester, but all across the UK.
#UPDATE | At around 12pm today (Wednesday 11th December 2024), an officer sadly located a body in woodland near to Middlewood Way in Stockport.
At this time, we believe this is likely to be Steven Caulfield who went missing on Tuesday 1 October.
But sadly, at around 12pm yesterday (Wednesday 11 December 2024), a GMP officer has sadly located a body in a woodland area near to Middlewood Way in Stockport, and at this time, police believe this is likely to be the body of Steven Caulfield.
Steven’s next of kin have been made aware and are currently being supported by officers.
There are not believed to be any suspicious circumstances surrounding Steven’s death, according to GMP.
Speaking on the discovery of the body, Chief Superintendent Lewis Hughes, Stockport District Commander and GMP lead for Disaster Victim Identification, said: “Our deepest condolences remain with Steven’s family and friends, who have been devastated by this traumatic news, we have officers supporting them through this difficult time.
“It has been a challenging couple of months since the missing report came to us in GMP and our Tactical Aid Unit, Specialist Search, Canine and Underwater Units were all utilised to search for Steven in challenging conditions and locations around the Middlewood Way.
“We hope today’s discovery provides some answers for Steven’s loved ones.”