The firm announced last week that rescue talks to find a buyer for the business had so far failed. It has stopped taking new orders and bosses have warned cash reserves could run out if further funding cannot be raised.
Made.com, which was launched in 2011, employed 700 staff at the end 2021. During the pandemic, Made.com’s sales surged as people spent more time at home during lockdowns and splashed out on furniture and homeware purchases online.
However, more recently households have cut back on big-ticket purchases, under pressure from soaring food and energy bills, while global supply chain problems have disrupted deliveries.
On Tuesday, Made.com announced that trading in its shares had been suspended. It also said it intended to appoint administrators which means the firm is not yet in administration but heading towards it.
The move gives the company 10 days of breathing space to find new backers or sell all or part of the business, a company source told the BBC.