Leicester-based retailer Next have snapped up troubled e-commerce company Made.com from administrators for an undisclosed sum. The transaction however does not include its 600 strong workforce, many of whom are to be let go. Administrators state: “This [the deal] will sadly result in 320 redundancies across the business. In addition 79 employees who had resigned and were working their notice have been released with immediate effect. ” Zelf Hussain, Rachael Wilkinson and Peter Dickens of PwC had been appointed as joint administrators of Made.com Design Ltd. The appointment was made as the high-value retail sector continues to be exposed to the current testing economic conditions. Made.com is a British e-commerce company based in London that designs and sells furniture and home accessories online. The business has 573 permanent employees, with warehouses in the UK and Belgium, alongside offices and showrooms in London, Europe and Vietnam. On appointment, the joint administrators completed a sale of the brand, website and intellectual property of Made.com to Next Retail Limited. This transaction represents the best option available to generate returns for creditors as a whole, under severely limited timescales. Close to 4500 customer orders in the UK and Europe which are already with carriers are being delivered. However, a large proportion of customer orders are still at origin in the Far East at various stages of production. Due to the impact of the business entering administration, these items cannot be completed and shipped to customers. Zelf Hussain, joint administrator and partner, PwC, said: “The company is a casualty of the headwinds being faced by all retailers, but more heavily by those selling big-ticket products. A combination of factors including significant decline in consumer spending from cost of living pressures, rising import costs and continuing supply chain pressures has meant the business could no longer continue. “It is with real regret that redundancies will need to be made. We would like to thank all the employees for their hard work. We will continue to support those affected at this difficult time, including assisting the HR team’s efforts to secure staff new roles. A small number of employees have been retained to support the orderly closure of the business.” Nicola Thompson, Leo of Made.com 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. “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. “Made is a much loved brand that was highly successful and well adapted, over many years, to a world of low inflation, stable consumer demand, reliable and cost efficient global supply chains and limited geo-political volatility. “That world vanished, the business could not survive in its current iteration, and we could not pivot fast enough. The brand will now continue under new owners. I hope that a reconfigured Made will prove to be sustainable and will continue to be loved by customers.” Rachael Wilkinson, joint administrator and director, PwC, added: “We understand those who have paid for products will be really concerned about receiving their items. The administration means many orders unfortunately cannot be fulfilled.”

OSF Digital, a provider of digital transformation services, has acquired Oegen Ltd., a Nottingham-based Salesforce consulting firm. OSF Digital, which has over 2,200 employees and 49 offices worldwide, is acquiring Oegen to quickly establish a Salesforce Experience Cloud team in the UK region and expand the multi-cloud center of excellence and delivery team in the UK and EMEA. The terms of the deal are not being disclosed. Oegen has expertise in Salesforce Marketing Cloud Account Engagement, Service, Sales Cloud, and B2B Commerce with a focus on the financial and business services, education, and non-profit sectors. Customers include major UK high street banks as well as global education and charitable foundations. “This acquisition will help to deepen our customer relationships in EMEA in many verticals,” said Gerard (Gerry) Szatvanyi, CEO of OSF Digital. “We are serious about further strengthening our Salesforce multi-cloud services globally. Oegen’s agility and commitment to excellence align very well with OSF’s values and mission.” “We’re pleased to join OSF Digital’s growing team,” said Pete Fells, Managing Director & founder of Oegen Ltd. “Together with OSF, we’ll continue to deliver comprehensive digital transformation and user experience excellence to a vast customer base in several verticals in the UK and EMEA.”

In a new trading update, SourceBio International has revealed plans to delist from the AIM market of the London Stock Exchange.

The Nottingham-based provider of laboratory services says its board has conducted a review of the benefits and drawbacks to the company retaining its listing on AIM and maintaining its existing corporate structure.

Subject to shareholder approval, the firm believes that the cancellation would be in the best interests of the company and its shareholders as a whole.

Reasons noted by the business include that while one of the main benefits of a company being on AIM is the potential to issue new shares to raise additional funds for investment or to issue new shares as consideration for acquisitions, the company has been unable to raise money at what the directors believe to be a fair valuation and, due to the low liquidity, the shares do not represent an attractive currency.

Further, the board believes that the company’s current share price does not accurately reflect the future potential of the business.

The group also believes that as a private business corporate development and restructuring needed to drive and develop growth may be executed faster and more nimbly, and that it would be able to command a much higher valuation for the business on eventual exit, serving in the best interest of shareholders.

SourceBio estimates that it could save annualised costs of £600,000 per year in the move.

In conjunction with the cancellation, the company is planning a tender offer at a price of 115 pence per ordinary share to certain shareholders. It is expected that over half of issued shares will be purchased and the firm says it is in advanced discussions to secure the necessary financing for the tender offer.

The news comes as revenues from SourceBio’s three core business units (Healthcare Diagnostics, Genomics and Stability Storage) continue to perform well, as they did in the first half of the year, with all business units showing growth on last year. Jay LeCoque, executive chairman, said: “We continue to be encouraged with progress and growth delivered across our three core business units. Our operational focus remains the continued expansion and scale-up of Cellular Pathology and Digital Pathology volumes through the rest of the year and beyond. “We are confident that we can potentially grow the business faster as a private company and look forward to providing fuller details in due course.”