Wednesday,09 November 2022 17:12:49

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Wednesday,09 November 2022 at 17:14

Made.com has been picked up by Next for just £3.4 million after the online furniture retailer, whose value soared to £775 million during the pandemic, fell into administration with the loss of 320 jobs.

Made.com appointed administrators from PwC who immediately completed the sale of the brand to the high street clothing chain, saying that it “represents the best option available to generate returns for creditors as a whole, under severely limited timescales”.

Next, which has a homewares business of its own, confirmed that while the deal included the internet domain names and intellectual property it did not include the inventory or staff.

U.K. and European markets closed lower as global investors await the results of the U.S. midterm elections.

U.S. stocks traded lower as investors mull over a mixed verdict from the midterm election results that challenged expectations on who will control the U.S. House and Senate.

Oil prices slipped after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand.

Gold priced flat.

Markets

At the close

FTSE 100 7,296 (-0.14%)

FTSE 250 18,649 (-0.26%)

DAX 13,666 (-0.16%)

At 17:15

Dow Jones 32,947 (-0.64%)

S&P 500 3,805 (-0.58%)

NASDAQ 10,527 (-0.85%)

Fixed Income

UK 10-YR YIELD 3.455

Exchange Rates

GBP/USD 1.139

GBP/EUR 1.135

Commodities

Gold $1,711 (-0.02%)

Brent $93.31 (-1.77%)

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.