Auditors at PWC and company directors flagged a “material uncertainty” over its ability to continue as a going concern if trade did not improve.
Matches has already twice agreed covenant waivers with HSBC and Wells Fargo.
Apax has injected a further £85m since February last year, according to Companies House filings.
Sales fell by £41m to £392m for the 12 months to Jan 31, while pre-tax losses widened from £5.6m to £36.5m.
Yes, I know, the market is highly granular etc. A boost to the sector does not raise all boats. But imagine running an online retail site that lost sales when online retail near doubled?