MFI saved by management buyout
The future of MFI has been secured by a management buy-out, the firm’s chief executive confirmed last night.
Gary Favell said the deal, which is expected to be completed today, means the firm can continue to trade as normal.
“I am delighted that we have secured the future of the MFI business through this management buy-out and have the capital to provide continuity and security for our customers,” he said.
MFI employs around 2,500 staff and operates 192 stores nationwide. The sale follows several days of negotiation between the management team and MFI’s owner Merchant Equity Partners (MEP). Kroll had been lined up to act as administrator for MFI if attempts to find a suitable buyer had failed. Landlords were warned last week that they were unlikely to receive payment today (quarter day) when rents are due.
