Some 400 Made.com jobs axed in £3.4m Next rescue

Next bought the collapsed Made.com from its administration for £3.4 million – but some 400 employees still lost their jobs.

The shopping giant picked up the online furniture retailer yesterday in a so-called pre-pack administration.

Next’s approach was first revealed by the Mail on Saturday.

The deal – just over a year after Made was valued at £775 million on the London Stock Exchange – saves a beloved British brand founded in 2010 by Ning Li, Brent Hoberman, Chloe Macintosh and Julien Callede.

It is now run by Next boss Lord Simon Wolfson, one of the UK’s most successful retailers.

But Next only bought Made’s brand, website, intellectual property and customer database.

It means only 74 employees will remain to help administrators wind down the business, including selling the huge remaining inventory.

AJ Bell’s Russ Mold said, “Next has the scale, experience and retail knowledge…suggesting it can make Made.com a successful and lucrative brand.”