In The News

In the News

Friday 25th January 2008

"MFI Managers Mercedes Incentive"

MFI initiative with top managers getting CLS for a month...

MFI has initiated a novel incentive programme for its branch managers. A long-term corporate client with Mercedes-Benz dealer Hughes of Beaconsfield, the furniture chain is rewarding each month’s highest performing store manager with a month behind the wheel of a sleek CLS 320 CDI. Announced at the company’s annual sales conference late last year, the initiative has been well received, according to Mari Dyson, Mercedes-Benz regional Corporate Sales manager for London. “MFI chose a CLS-Class because of the high aspirational value of our brand - and of that model in particular,” said Dyson. “It’s is a very stylish reward that recognises the sales performance of each winning store manager.”

Sunday 24th June 2007

MFI Retail was ranked No. 57 on the latest Sunday Times KPMG Top Track 100 league table of Britain’s biggest private companies (colour supplement on Sunday, 24 June 2007)

MFI brings home gold in the House Beautiful Awards 2006!

MFI Retail, the UK’s leading national retailer of quality fitted furniture, today announces details of its new management team and its plans to turnaround the
business.

This follows MFI Furniture Group PLC gaining shareholder support at an Extraordinary General Meeting on Monday 16 October 2006 to approve the sale of
MFI Retail to a private equity-backed management team.

Led by CEO Gary Favell, the former CEO of Magnet, the new management team has more than 40 years’ combined experience in the retail furniture sector and
wide-ranging experience of working with private equity investors.

The team comprises David Hamid (former CEO of Halfords Group plc), Kenneth McGill (former Finance Director of Kwik-Fit Group), Chris Pavlosky
(former Senior Non-Executive Director of Limelight Plc) and Marc Bertrand (former HR director with Magnet Ltd).

Backed by Merchant Equity Partners, the new owners of MFI will provide £40m of working capital for the business and invest a further £62m. Additionally, and
as part of the original purchase agreement, MFI’s previous owners have provided MFI with £60.6m, including an estimated £51.9m in respect of customer deposits,
being payments made by Retail customers in advance of delivery of their orders. The previous owners will provide an additional investment of £53.1m by September
2007 and a further payment of up to £12.0m in April 2008.

The new team will continue to trade the existing 200 store portfolio, while looking to upgrade many aspects of the business, including greater focus on customer
service; updating and improving the product range; improving utilisation of floorspace; establishing closer supplier relationships; investing in logistics, IT, supply
systems and product development; enhancing internal communications; and introducing tighter controls on expenditure.

Gary Favell, CEO of MFI Retail said:

“This is a very exciting long-term opportunity and we are wholly committed to invest and build, to enable MFI to achieve its true potential.

“The current MFI business is not sustainable without change and this is not a quick fix and to reach our objectives will take several years. However, we have
already identified a number of operational improvements and are looking to introduce more stringent cost controls, to enhance the product ranges and to improve
levels of customer service dramatically.

“We have supportive financial backers and assembled a strong team, which has been predominantly responsible for various successful turnarounds, including
Magnet Limited. I am pleased to say have already found a willingness and enthusiasm for a fresh approach from many of the existing MFI employees.

“MFI is one of the truly great household names with a quality portfolio of brands. We have 250,000 people walking through our doors every week and our intention
is to convert more of them into customers.”

MFI brings home gold in the House Beautiful Awards 2006!

MFI have brought home another gold House Beautiful award for Best Furniture Range. This time it's our collection of tables and chairs with 'The Chair Company' that has proven to be a winner!
For unique dining solutions as individual as your home, 'The Chair Company' at MFI is the answer! 'The Chair Company' brings a new dimension to the dining offer, giving exceptional style, choice and quality to this product category. The beautifully designed range includes coordinating pieces with clean simple lines and finishes that allow customers to select and combine products to create their own individual look.
"Congratulations to MFI for winning the House Beautiful Gold Award for Best Furniture Range. It is a huge achievement in a very hotly contested category. Their collection with The Chair Company combines everything we are looking for in our award winners - style,quality, value for money and innovation." Sandy Cadiz-Smith Acting Editor/Food Editor House Beautiful