BusinessBusiness RecoveryMFI plans store administration to avoid rent bill

MFI plans store administration to avoid rent bill

Furniture retailer looking for three-month grace period from store landlords to aid company rescue

MFI is planning to put its stores into administration in an attempt to force
its landlords to give the troubled chain some breathing space.

The furniture retailer was subject to a management buy-out earlier this week
and is now preparing to place 192 outlets into administration in order to agree
a three-month rental waiver from landlords.

Only those stores where a rent-free period can be agreed will then come back
out of administration, reported the Guardian.

Quarterly rent for the stores is due this coming Monday (6 October), at a
cost of £19m. Chief executive Gary Favell is reported to have told landlords
that the rent waiver is the only ‘viable option’.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor