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British online furniture retailer has announced that it is considering a potential sale of the group to strengthen its balance sheet.

The London Stock Exchange-listed company said that a formal sale process was one of the options being explored by its Board of Directors as part of a strategic review.

The options aim to maximise shareholder value amid ‘deteriorating’ market conditions. has not confirmed any approaches from other parties or talks with potential buyers.

In addition to the sales, the board is considering seeking strategic investment in the company as this would allow existing investors to participate.

In a statement, said: “In light of a number of factors, including the continued uncertain trading conditions, the board has concluded that the prevailing conditions are not supportive at the current time of raising sufficient equity from public market investors.

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“As a result, the board has decided to undertake a strategic review, which will involve a broad range of options to either facilitate raising additional funding, for example through debt financing, through a strategic investment by a business partner or other market participant, by realising value from a sale of the group – or its business and assets – or through a business combination with another entity with sufficient funding for the combined group.”

Financial services company PricewaterhouseCoopers (PwC) has been appointed as the financial adviser for the strategic review and formal sale process.

In July this year, reported a 19% drop in gross sales for the first half (H1) of fiscal 2022 (FY22) due to the challenging macroeconomic environment.

The company has withdrawn its full-year guidance due to the uncertainty of its current financial position.

In a separate development, planned to cut more than a third of its workforce due to deteriorating market conditions, as reported by the Financial Times.