considers sale of shares to raise cash

·1 min read

Online furniture retailer has seen its shares slip further after confirming it is weighing up the sale of shares to raise cash.

The company said it is “considering all options to allow it to strengthen its balance sheet” including a potential equity capital raise.

It came after Sky News reported on Wednesday evening that the business could raise up to £50 million in a bid to bolster its finance.

On Thursday, told shareholders: “Made continues to consider its options and a further announcement will be made if and when appropriate.”

The firm is valued at around £36 million after a roughly 95% plunge since its £775 million float on the London Stock Exchange.

Supply chain disruption and waning customer demand has resulted in a number of profit warnings over the past year.

Last month, Made warned it would review its workforce amid efforts to slash costs as a slump in consumer spending is set to send the company tumbling to steep losses.

The group said it would look at its operational structure and headcount, as well as improvements to stock buying and warehousing to try to boost its bottom line by £10 million to £15 million. employs around 700 staff and has offices in London, Paris, Berlin, Amsterdam, China and Vietnam.

Shares in Made moved 8% lower.