MBO saves MFI from collapse
Struggling fitted furniture business avoids having to call in the administrators after management buyout
Struggling fitted furniture business avoids having to call in the administrators after management buyout
MFI has escaped administration after pulling off a management buyout.
Gary Favell, MFI’s chief executive, has agreed to take on the business from
its owners Merchant Equity Partners, saving the jobs of more than 3,100
employees.
The private equity firm paid an undisclosed amount of money for the
management to take the furniture retailer off its hands, the
FT
reported.
Favell said ‘sales in recent weeks have been ahead of plan’, although the
company had budgeted for a significant decline in like-for-like sales. He said
his team had ‘the capital to provide continuity and security for our customers.’
Kroll had been lined up to act as administrator for MFI if attempts to find a
suitable buyer had proven unsuccessful. Landlords were warned last week that
they were unlikely to receive payment today when rent is due.
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View article