Ning Li, the co-founder of Made.com has seen an offer to buy the etailer rejected.
Li, who was chief executive until 2017, and who remained a major shareholder, told staff the company and its advisor PwC had turned down his attempt to rescue the company.
The Telegraph reported that he wrote to staff saying: ‘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.’
Media reports have identified Next and Frasers Group, owner of sofa.com, as rival bidders.
The Made brand and IP are expected to be sold in a pre-pack administration.
