goes bust, with 400 jobs axed at beleaguered furniture seller

9 November 2022, 10:36 | Updated: 9 November 2022, 13:15 has been bought by Next has been bought by Next. Picture: Alamy

By Kit Heren

Online furniture seller has gone bust, with nearly 400 jobs lost on Wednesday, as Next swooped to snap up the beleaguered retailer this week.

Listen to this article

Loading audio...

Next bought the company, which was valued at £775 million just two years ago, for just £3 million - including its brand, websites and intellectual property.

Administrators PwC confirmed on Wednesday that the deal will result in 320 redundancies, while 79 more staff who had resigned and were working through their notice have also been forced to leave the business immediately.

PwC said on Wednesday that "a small number of employees" were kept on "to support the orderly closure of the business."

Made operating subsidiary MDL filed for administration on Tuesday. PwC moved quickly to wrap up the deal with high street clothing staple Next on Tuesday.

A shop in central London
A shop in central London. Picture: Getty

Made chairwoman Susanne Given 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 MDL going into administration will have caused for everyone."

Read more: Pints costing £7 will become 'the new norm' brewery boss warns blaming Russia and rising costs

The news is a particular fall from grace for Made, which listed on the London Stock Exchange with promises of accelerated growth and leading the online furniture market.

Made had previously harboured hopes of finding a buyer to inject the £70 million in cash it needed to stay afloat for the next 18 months - but said in October that this would not be possible.

Missguided falls into administration, journalist reports

The embattled retailer appointed administrators PwC last week after being hit by soaring costs and slowing customer demand.

The company had also stopped accepting new orders. Made said that it is currently not offering refunds or accepting returns from customers, although it is still intending to fulfil previous orders.

Read more: Shocking moment robber knocks man out before ripping £145,000 watch from his arm in central London

Read more: Uncle who abducted and murdered his teenage niece and refuses to reveal where he dumped her body given parole hearing

The retailer has offices in London, Paris, Berlin, Amsterdam, China and Vietnam.

It is understood the company had garnered interest from a number of parties to purchase parts of the business since tipping into insolvency before tying up the deal with Next.

The firm's shares had already been suspended.

More Latest News

See more More Latest News

A boy, 8, was killed in the incident.

Boy, 8, dies after crash on quiet Wiltshire cul-de-sac

Five of the six victims from the stabbing have been named.

Victims of Sydney stabbings named as heartbroken tributes flood in following attack by knifeman who killed six

The Israeli Iron Dome air defence system launches to intercept missiles fired from Iran

Israel hails ‘success’ in blocking Iran’s unprecedented attack

Rishi Sunak confirmed a number of Iranian drones attacking Israel were shot down by RAF jets.

RAF jets shot down ‘a number’ of Iranian drones attacking Israel, Rishi Sunak says

A demonstrator waves Iranian and Palestinian flags during an anti-Israeli gathering at the Felestin (Palestine) Square in Tehran, Iran

What is the fallout from Iran’s attack on Israel?

Disability advocate Charlotte Anderson advises people on how to apply for PIP.

YouTuber who fills out PIP applications for £650 each says she has ‘only ever lost one claim in six years’

Planning documents show the owners of the pub want to rebuild it in a new location.

Owners of Crooked House agree to rebuild ‘Britain’s wonkiest pub’ - providing it's in a new location

Joe Biden has reaffirmed the US's commitment to defending Israel's security.

Biden reaffirms ‘ironclad support' of Israel as he plans G7 meeting to coordinate ‘diplomatic response to Iran attack’

The IDF said over 300 weapons were fired by Iran.

‘Together we will win’: Netanyahu vows to fight off attacks from Iran after over 300 drones and missiles fired at Israel

Israeli's military have fought off a massive Iranian drone and missile attack - downing more than 200 weapons launched by the hostile state with the help of ace RAF pilots.

Israel fights off massive Iran attack - downing over 200 missiles and drones with help of RAF

Plans have been drawn up for an evacuation of Brits from the Middle East. Defence Secretary Grant Shapps (l) and protesters outside the British Embassy in Tehran (r)

Brits living in the Middle East could be rescued by the Royal Marines in 'Dunkirk-style' evacuation

The knifeman who killed six people in a rampage at a Sydney shopping centre has been named as 40-year-old Joel Cauchi (left)

Pictured: Sydney knifeman, 40, who killed six people before being shot dead by brave policewoman

Iranian drones and missiles have arrived in Israel with explosions in the skies - as officials warn of a "significant response" to the massive attack.

Explosions in skies and sirens across Jerusalem amid Iranian attack - as Israel warns of 'significant response'

USS Bataan which is heading to the Eastern Mediterranean (main) and Joe Biden (r)

US sends amphibious warship and 2,500 Marines into the Eastern Mediterranean after Iran attacks Israel

US and UK forces are helping defend Israel from Iranian drones and missiles after a massive attack was launched.

British and American jets 'shoot down Iranian drones' as Rishi Sunak slams Iran for 'reckless' attack against Israel

President Biden is holding an emergency national security meeting as the US prepares its response to Iran's drone and missile attack on Israel.

President Biden holds high-stakes emergency meeting as Iran launches full-scale attack on Israel