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PwC has been appointed as the administrator for Made.com after the business failed to secure a buyer for the group.
Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson from the Big Four firm have been named as joint administrators.
Made.com’s ordinary shares have been suspended from trading on the London Stock Exchange’s Main Market for listed securities this morning (1 November).
The retailer said its board expects that the listing of its ordinary shares will be cancelled, any residual value will be distributed to the company’s shareholders, and the company will be wound up.
On 23 September, Made.com announced a strategic review, including a formal sale process to sell the business. The company and its advisers have since held discussions with a number of interested parties and have explored possible offers.
However, on 25 October, the retailer said that the select number of interested parties were unable to meet the deadline for the end of October, and those discussions had consequently been terminated.
PwC has also recently been named as the auditor of NatWest as the bank is set to switch its auditors from EY to PwC.
The news comes after a competitive tender process that has run since June, with the changeover set to be announced shortly. It is said the contract with PwC is likely to be worth around £400m over 10 years.
