MFI secures future with management buyout
Struggling furniture retailer MFI has agreed a management buyout deal to secure the future of the MFI business and protect current employees. Trading will continue as normal and all customer orders will be fulfilled
The deal, led by chief executive Gary Favell, will be funded by a cash "dowry" payment from current owner Merchant Equity Partners, which will cease to be shareholders in the business.
"Fundamentally, it is business as usual for MFI, its employees and customers. In fact, sales in recent weeks have been ahead of plan. MFI is a great retail brand and I look forward to leading the management team as we build further on our market leading position," says Favell.
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Favell has described the business as "fantastic" and talked of further plans to improve MFI's business strategy, such as adding further concessions within stores."I am delighted we have secured the future of the MFI business through this MBO and have the capital to provide continuity and security for our customers."
MFI was founded in 1964 and has 192 stores nationwide employing 2,500 people.
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