Aurelius, is among the special situations funds considering a bid, one of the sources said. Peer Alteri Investors, a European retail investor backed by Apollo [NYSE:APO] is also looking closely at the asset, a second source said.

The business could also appeal to US investors seeking to benefit from the weakening British pound, a sector banker said.

Law firms Latham & Watkins and Davis Polk have been appointed as a legal advisors to the company, according to a third source. Other advisory appointments are expected in due course, a fourth source said. PwC is the financial advisor managing the sale, according to an announcement.

Made.com is trading at around 7.29p, valuing it at less than GPB 30m. The company was valued at GBP 775.3m when it listed at GBP 2 a share last June.

Points to be scrutinised by buyers will be whether the company has a “reason to exist”, over the long-term, one source said, noting that Made.com came into the market with a disruptive proposition thanks in part to the cash spent on marketing. The question now is whether the model can continue its work under a new investor, or whether it was a flawed thesis after all, the source added.

Questions are being asked as to whether a pure-play online retailer focused on furniture can survive a tumultuous economic environment, another source said. In July, Made announced a profit warning and by August, it confirmed it was studying a GBP 50m capital increase to strengthen its balance sheet. In September though, the company announced that conditions were not conducive for an equity raise.

Sources speaking to this news service’s weekly column ECM Pulse last week, said that the fall in Made.com’s equity value in recent months meant it had missed the window to raise capital and that a sale was now the only option for the company.

It is a stark change of fortunes for Made.com, which listed with a “very bullish” outlook on its growth prospects, but global uncertainties, including the war in Ukrainian, have clouded the company’s outlook, another source said.

“[Made.com had] a well-constructed plan - and had a clear view of where it wanted to go and it seemed to stack up well, but if you consider how consumers are behaving and the hurdles faced by this sector in terms of supply chain, then you can imagine it is in trouble,” the source said.

The retailer revealed on 4 October that it has entered into non-disclosure agreements and has commenced discussions with interested parties on the sale. Non-binding indicative proposals are expected by mid-October, according to the announcement.

The current management plan for a stand-alone public company is expected to require aggregate funding in the region of GBP 45-GBP 70m over the course of the next 18 months, the announcement said.

Alteri declined to comment. Made.com, Aurelius, Latham and Davis Polk did not respond to request for comments.