Next secures £3.4m Made deal

Next has bought the brand and IP of Made.com.

The retailer has paid £3.4m following Made’s administration.

‘Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders. We appreciate and deeply regret the frustration that [the] administration will have caused for everyone. I want to sincerely thank all our employees, customers, suppliers and partners for your support throughout the past 12 years and especially during this difficult time where we have tried so hard to find a workable solution for the company and all its stakeholders,’ says Susanne Given, Made chair.

‘I would like to sincerely apologise to everyone – customers, employees, supplier partners, shareholders and all other stakeholders – impacted as a result of the business going into administration. Over the past months we have fought tooth and nail to rapidly re-size the cost base, re-engineer the sourcing and stock model, and try every possible avenue to raise fresh financing and avoid this outcome. Made is a much loved brand that was highly successful and well adapted, over many years, to a world of low inflation, stable consumer demand, reliable and cost efficient global supply chains and limited geo-political volatility. That world vanished, the business could not survive in its current iteration, and we could not pivot fast enough. The brand will now continue under new owners. I hope that a reconfigured Made will prove to be sustainable and will continue to be loved by customers,’ says Nicola Thompson made ceo.

Madesofa

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