Made.com Group, the web furnishings retailer, has drafted in advisers to assist shore up its stability sheet because it weighs plans for a share sale to lift roughly £50m.
Sky News has learnt that the troubled London-listed firm has employed PricewaterhouseCoopers (PwC) to look at cost-cutting and different restructuring choices.
City sources mentioned on Wednesday that Made.com was progressing plans to lift fairness virtually a month after saying that it was exploring methods to strengthen its monetary place.
The launch of a money name will not be regarded as imminent, however is claimed to be prone to take the type of a inserting that may require shareholder approval.
Successfully launching a share sale to lift within the area of £50m will likely be difficult for Made.com provided that its shares have plummeted by virtually 95% over the last yr, leaving it with a market capitalisation of simply £38m.
Last month, the corporate noticed its shares sink after warning that income and revenue for the yr could be properly under expectations.
Job cuts from its workforce of about 600 persons are considered seemingly within the quick time period.
Made.com was established by Brent Hoberman, the Lastminute.com co-founder, and Ning Li, a Chinese entrepreneur, and went public in London final yr with a valuation of £775m.
Its calamitous efficiency is partly the results of a crash in technology-related shares, and the declining fortunes of consumer-facing firms uncovered to hovering inflation.
A spokesperson for Made.com declined to remark.
Source: information.sky.com”