More than 500 staff at online furniture retailer Made.com have lost their jobs after Next acquired only the brand name, the website and intellectual property.

Made.com has suffered a spectacular collapse following its launch on the London Stock Exchange less than two years ago.

It was valued at £775 million at the time of its IPO when it promised accelerated growth.

Made’s operating subsidiary, MDL, yesterday appointed administrators at PwC who immediately sold the business to Next.

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.”