Online furniture retailer Made.com has gone into administration leading to the loss of up to 500 jobs, it was announced on Wednesday morning.
In October, the retailer said it will not take any new orders from customers after attempts to secure a bail-out fell flat.
The company has been under pressure as customers tighten their belts during the cost of living crisis. It was also hit by problems in global supply chains.
PwC have been appointed as administrators, while Next will acquire the Made.com brand, domain names and intellectual property.
Bosses at the company say that they are “deeply disappointed” about the move.
Suzanne Given, the 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.
“I want to sincerely thank all our employees, customers, suppliers and partners for your support throughout the past 12 years and especially during this difficult time where we have tried so hard to find a workable solution for the company and all its stakeholders.”
Thousands of customers now face uncertainty about their orders.
Last year the retailer, which sourced furniture directly from designers and manufacturers, was worth £775m when it floated on the London Stock Exchange for the first time.
In October 2022, the business was worth £2m.