Made.Com Group PLC (LON: MADE) shares went up by more than 20% on Tuesday after the online furniture store said it was talking to “interested parties” about selling the company.
The group didn’t say anything else about who these potential buyers might be. All they said is that they will be asked to submit bids in the middle of this month.
Made.com said in a statement, “The Board will look over these proposals and expects to invite a small number of parties to take part in a second phase that will end as soon as possible after that.”
Any potential buyers would be told that Made’s plan to operate as a stand-alone public company is expected to need funding of between £51 million and £80 million over the next 18 months.
Made.com also said it would send out more updates “as needed,” but it warned that current conversations could “change or end” at any time.
The company first said it wanted to look into a takeover at the end of September, after its performance dropped because inflation made the market worse. Made.com raised 90 million pounds from an initial public offering (IPO) last year. In 2022 alone, the company has given several profit warnings.