Made.com furniture website stops taking new orders

Online furniture retailer Made.com has stopped taking new orders after talks to find a buyer failed.

Bosses warned if further funding could not be raised before its cash reserves ran out, it would take “appropriate steps to preserve value for creditors”.

The firm’s share price plummeted by more than 90% after it revealed rescue talks with potential buyers had been terminated on Tuesday.

The company said its decision to halt orders was “under review”.

It added “a further announcement will be made as appropriate”.

Made.com, which was launched in 2011 with £2.5m in funding, was co-founded by Ning Li and Brent Hoberman, best-known for starting Lastminute.com

The company listed on the London Stock Exchange in June last year.