Founder’s bid for Made.com fails

THE founder of Made.com has failed in a bid to take control of the online retailer as it teeters on the brink of administration.

Ning Li told staff that he “really tried” to save their jobs, after a last-ditch effort to take control of the business was rejected.

Mr Li, who was still among Made.com’s largest shareholders, said he put in an offer to the Made.com board and PWC last week but it was rejected yesterday.

Writing to staff, he said: “Apparently, it would be preferable to break the company up and sell it in pieces to generate a little more cash, rather than saving jobs and honouring our customers. It makes no sense to me.

“But I wanted you to know that I really tried.”

Mr Li, who was chief executive of Made.com until 2017, said his offer would have saved at least 100 jobs at the furniture chain.

Rival offers are understood to have come from Next and Frasers Group, with the former understood to be the frontrunner in the process. The company has been pushed to the brink by spiralling costs and falling demand for big-ticket furniture purchases as the cost of living ramps up. The company declined to comment.