So MFI has sold its retailing operation to Merchant Equity Partners for a nominal sum of £1. But that only tells part of the story. MFI also said it will pay the private equity firm an additional £126m to take the loss-making business off its hands.
Truth is, the writing has been on the wall for MFI for some time. It has been struggling to overcome its downmarket image in the face of competition from the likes of Ikea. The company, famous for its flat-pack, self-assembly furniture, has also had to contend with a move towards ready made furniture….
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