BusinessBusiness RecoveryAdministrators close MFI’s doors for last time

Administrators close MFI's doors for last time

Menzies' administrators unable to find buyer for MFI

MFI has closed its doors for the final time after administrators were unable
to find a buyer for the business.

Shadow Chancellor George Osborne blamed the collapse on Labour’s economic
policies: ‘MFI is yet another household name that is a victim of Labour’s
recession,’ reported the Daily Mail.

Customers with outstanding orders will not receive their goods, however
administrators from Menzies
Corporate Restructuring
expect to be able to refund them.

A merchant services provider is holding £30m in respect of the outstanding
orders, and the administrators expect this should cover the transactions.

‘Based on management’s figures, the administrators currently believe that the
merchant services provider is holding a total of almost £30m in respect of these
arrangements which is roughly equivalent to the total amount of customer monies
held by MFI Group Limited in respect of outstanding orders as at the date of
administration,’ the administrators said in a statement on MFI’s website.

Refund details are available on

Further reading:

MFI facing

Profile: Mark Robson, FD of British
retailer MFI

Woolies demise not the end of high
street collapse misery

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