This guy is just everywhere in home improvements at the moment, not happy being nearly the tops in the double glazing industries it looks like he’s going to be making his mark in the world of high street retailing with rumour has it M.F.I. (or as I like to call them More F…ing Instructions), here is an article about this story. If only I had his money World Domination!!!
The troubled MFI chain of furniture stores narrowly escaped collapse yesterday with the announcement of a management buyout for the business.
Strong rumours that administrators Kroll had already been lined up, and that the business would soon close were confounded with the release yesterday of the news that “the management of MFI Retail Limited has today agreed terms for a management buyout … following extensive discussions between the management team and its owner, Merchant Equity Partners (MEP)”. MFI employs about 3,000 people.
The company says the management team, led by Gary Favell, the current chief executive of the business, will complete the purchase in the next 24 hours. “The MBO will secure the future of the MFI business and safeguard employees within the store network. Importantly, all customer orders will continue to be fulfilled and trading continues as normal.”
The buyout will be funded through a “substantial cash dowry payment from MEP” which will secure deposits paid by customers. However, following the transaction, MEP will no longer be a shareholder of the business.
Gary Favell said: “MFI is a fantastic business, and, with the large amounts of capital injected over the last two years, we have worked hard to improve service levels and the retail experience for our customers. In Hygena and Schreiber, we have two of the strongest brands in the UK furniture market. Fundamentally, it is business as usual for MFI, its employees and customers.
“In fact, sales in recent weeks have been ahead of plan. MFI is a great retail brand and I look forward to leading the management team as we build further on our market-leading position.”
MFI currently runs 192 stores. The MFI business has had a chequered history. In 2006, the loss-making retail arm was sold to Merchant Equity Partners for a nominal fee of £1.
MFI operates in a crowded market, and its brand no longer has the clout it used to possess. But it is suffering, along with many others in the home improvement market, as customers put off buying new kitchens and furniture in the wake of the credit crunch. In addition to the management buyout talks, a number of other parties were also reportedly mulling offers for MFI. These include Hilco, which has two seats on MFI’s board, and Sun Capital Partners, whose backers include the insurance and leisure tycoon Hugh Osmond.
They are also thought to include Brian Kennedy, the entrepreneur behind the Everest double-glazing firm.
In recent months, MFI’s search for fresh investment has become increasingly desperate.
MFI was founded in 1964 as Mullard Furniture Industries.
Source: The Independent
Great post Andrew! You’re one step ahead of me
Thanks for your comment mate, meens alot coming from RCG.
Hi I was a contractor working for Brian Kennedy at one of his sites in stoke on Trent and have worked there for over five years before and after Mr Kennedy took it over.
Just before Christmas I posted a blog on a site asking Mr Kennedy the reason I was not getting paid for the work I had dun as I was getting no were with the management and the cheque they had gave me had bounced four times. When news of my posting on the site reached the management I had a call from them telling to get the blog removed and the payment would be in our bank that day so we did and it was in the bank the next day. I was told two days before that there was no money to pay me.
In the time I have worked there I have given 120% to my work even when my son was bourn one month premature and was in special care for three months this was a hard time for us spending a lot of time with Jake my son at the hospital so work suffered a bit. At this time I was told by the management that if I could not do the work that they would get someone in who could. So the following morning after watching my wife and son go off in an ambulance as he was being transferred to Manchester children’s hospital I went in to work but I should have been with them and to this day I still feel the gilt.
Other times I have worked 32 hours strait to meet there demands and also had to go in at midnight to fix a truck so it would go out on time. I gave my all to this company and yes I was paid always late but paid apart from just before Christmas. As a result of the blog I posted I have been told by the management that Mr Kennedys words to them were not to deal with me again and just for asking why I was not getting paid for the work I had dun. I hope Mr Kennedy dose see this and contact me and tell me himself as I think I deserve that much. The management have told me not to do this as Mr Kennedy is very rich and powerful but that is no excuse to treat people like this.
I think that the management are very concerned about what I could say that is why I was repeatedly asked not to shoot the messenger.
So Mr Kennedy your staff at stoke have my number and email address but forgive me if I don’t hold my breath as I don’t think for one minute that you will use ether.
Thanks to this site for posting this and will keep you up to date on the outcome
Phil.
p.s If you do contact me Mr Kennedy you may learn some things about your company you don’t know about.
Thanks for writing in Phil, I hope Brian does ring you as it is always important for people to tell it as it is. Obviously you have lot’s of useful information for him. I’ll forward your response onto RCG who has a bit more clout than my little blog it seems to be the one site all the top dogs read.
So thanks for writing in and I hope he contacts you..
DGG