Next wins race for Made.com as it seals £3.5million rescue deal

RETAIL giant Next has bought collapsed Made.com out of administration for around £3.5m.

The high street stalwart, led by Lord Simon Wolfson, will pick up Made’s website, branding, customer database and other intellectual property.

Next was one of a number of parties interested in rescuing the online furniture retailer alongside Mike Ashley’s Frasers Group and Made’s co-founder Ning Li. And after the Daily Mail revealed on Saturday it was a front-runner in the process, Next has emerged victorious, with an announcement expected today.

The deal saves a much-loved British brand set up in 2010 by Li, Brent Hoberman, Chloe Macintosh, and Julien Callede. It will now be run by Wolfson, one of the UK’s most successful retailers.

But the collapsed firm’s 500 staff are set to lose their jobs. And customers with outstanding orders will be left in the lurch, though those who paid using credit cards will be able to claim refunds from their provider.

Administrators will be left trying to flog the remainder of Made’s huge pile of unsold stock, much of which is set to be snapped up by high street retailer TK Maxx, sources said.

Made confirmed it was going bust last week after teetering on the brink for months.

The company was a major retail player with annual sales of £315m in 2020, earning a £775m valuation when it joined the London Stock Exchange last summer.