Administrators of MFI Retail Ltd are continuing to trade 81 of the stores while looking for a suitable buyer.
Joint administrators Fraser Gray, Stuart Mackellar and Simon Appell at Kroll’s Corporate Advisory & Restructuring Group, were appointed on October 6, about a week after 106 other MFI stores were acquired by an MFI management team.
Mr Gray said the MBO, which created a new company called MFI Group Ltd, had already saved a substantial part of MFI.
“Despite the turbulent trading conditions in the retail sector, we are currently in discussions with a number of potential purchasers, including the management buyout team, for the head office, distribution centre and remaining stores.
“In the interim, MFI will continue to trade as usual and all existing customer orders from all stores will be honoured.”
Increased competition has seen MFI struggle over recent years. Former owner Merchant Equity Partners bought the retail business for just £1 in 2006.
