Made.com declared on Thursday that it had given up looking for a rescue buyer and was preparing its next course of action to safeguard creditors and shareholders.

Following a recent cash flow warning from the online furniture company, it has been determined that there is no chance for a reasonable offer. As a result, the business terminated the sale’s progress.

The firm is now no longer in receipt of any possible offers, having considered previous ongoing discussions with ongoing parties. The company is no longer in an offer period.

However, the board of Made will continue to preserve value for its creditors and shareholders as part of its ongoing strategic review.

Made.com appeared as a big winner from the pandemic, benefitting from the growth in online sales. However, since the transition back to in-store shopping, the group has suffered significantly.

Shares of Made have tumbled 99% in 2022, and it currently holds a market value of just £2 million.