Next has bought collapsed Made.com out of administration for £3.4million – but some 400 staff still lost their jobs.

The high street giant yesterday snapped up the online furniture retailer in a so-called pre-pack administration.

The approach by Next was first revealed by the Mail on Saturday.

British brand: Chloe Macintosh (pictured) helped to set up Made.com in 2010. It will now be run by Next boss Lord Simon Wolfson

British brand: Chloe Macintosh (pictured) helped to set up Made.com in 2010. It will now be run by Next boss Lord Simon Wolfson

British brand: Chloe Macintosh (pictured) helped to set up Made.com in 2010. It will now be run by Next boss Lord Simon Wolfson

The deal – a little over a year after Made was valued at £775million when it joined the stock market in London – saves a much-loved British brand set up in 2010 by Ning Li, Brent Hoberman, Chloe Macintosh, and Julien Callede. 

It will now be run by Next boss Lord Simon Wolfson, one of the UK’s most successful retailers.

But Next only bought Made’s brand, website, intellectual property and customer database. 

It means just 74 staff will stay on to help administrators wind down the business, including selling off its huge leftover stockpile.

AJ Bell’s Russ Mould said: ‘Next has the scale, experience and retail savvy… suggesting it can turn Made.com into a successful and lucrative brand.’

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .dealFooter {display:block; float:left; width:100%; margin-top:5px; background-color:#e3e3e3 } #fiveDealsWidget .footerText {font-size:10px; margin:10px 10px 10px 10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

This post first appeared on Dailymail.co.uk

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Marks & Spencer to close 30 more stores after pandemic hits clothing and home sales

MARKS & Spencer plans to close 30 more shops after the coronavirus…

Authentic Brands tipped to buy celebrity favourite boot maker Hunter

 Hunter, the British bootmaker behind wellies that are a favourite of celebrities…

ALEX BRUMMER: IMF perks up its forecast after Uncle Sam saves the day

Joe Biden is riding a wave of optimism following the passage of…

Luckiest ever Premium Bond winner takes home £1,019,850 since 2004

The luckiest ever Premium Bond winner has taken home a total of…