Next takes Made brand

Next takes Made brand

Next has agreed terms to acquire certain of the assets of which had filed a notice of its intention to appoint administrators on 31st October. Design Ltd (MDL) has now appointed administrators from PricewaterhouseCoopers LLP who will be looking to sell off the remaining assets. Around 500 jobs are at risk and there is uncertainty for customers who have yet to receive their furniture orders.

Next Retail Ltd will acquire the brand, domain names and IP of the business which had posted gross sales of £434m in 2021. It is understood that Frasers had also been interested in acquiring the assets of MDL. It has been suggested that there is a huge volume of stock to now to be sold off by the administrators and that TK Maxx is in the running to buy it.

Nicola Thompson, CEO, MDL said: “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.”

Susanne Given, chair of MADE said: “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.”

Thompson added: “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.

“We appreciate and deeply regret the frustration that MDL going into administration will have caused for everyone. I want to sincerely thank all of our employees, customers, supplier and partners for your support throughout the past 12 months and especially during this difficult time, where we have tried so hard to find a workable solution for the company and all its stakeholders.”




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