The ‘deeply disappointing’ news was announced today (Picture: Chris J Ratcliffe/Getty Images)

Made.com has entered administration and sold its brand, website and intellectual property to Next.

The struggling furniture retailer, which employs around 600 people, announced the news today.

Made chair Susanne Given said: ‘Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders.

‘We appreciate and deeply regret the frustration that MDL going into administration will have caused for everyone.’

Made.com said its operating subsidiary MDL had appointed administrators PwC to sell its other assets and pay off its debts.

Concerns were raised about the future of the site earlier this month, when people visited the website and were greeted with a photo of a pensive-looking greyhound on a dog bed, with the message: ‘Sit tight, we’ll be back soon.’

The online furniture company has enjoyed a boom during the Covid pandemic, when many used lockdown as a chance to make home improvements.

Made.com had seen huge success during the Covid lockdowns (Picture: Getty Images)

But since then, a cost of living crisis has struck, along with supply chain disruption due to the pandemic and other factors.

The company later admitted the scale of its problems, warning of cuts to staff numbers and saying it would need £70 million in funding to secure its future over the next 18 months.

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The struggling furniture retailer said it was ‘deeply disappointed’ to announce the news.