MFI Retail Chain Back After Collapsing Nearly 20 Years Ago
MFI is set to make its grand return to the United Kingdom after falling into administration in 2008 following the global financial crisis. The retail business was originally founded in 1964 as Mullard Furniture Industries by Noel Lister and Donald Searle.
At one point the retail giant had more than 200 stores across the UK and delivered more than 50 million items a year before the introduction of Ikea to the area.
Once one of the largest suppliers of kitchens and bedroom furniture in the country, MFI was "quietly obtained" by Victorian Plumbing in May 2024 before its reinvention of the brand to come in late 2026, according to a report from This is Money.
"I am very excited about the upcoming re-invention of MFI, allowing us to tap in to more of the £20billion UK homewares market," founder and chief executive Mark Radcliffe said in a statement.
"Our dedicated and ambitious team, decades of e-commerce knowledge and best-in-class proprietary software, together with the recognizable MFI brand, will help to deliver our strategic ambition over the medium-term."
The MFI brand was initially purchased by Victoria Plum after it fell into administration and was relaunched as an online only retailer November 2011, but lasted less than four years before it ceased operation again in July 2015.
"Having invested significantly in preparing the business for future growth last year, I am pleased with the group's strategic progress in the first half," Radcliffe added in a forecast for the new venture.
"We are fully operational in our new purpose built warehouse and have continued to improve our customer proposition, while expanding product range into other rooms within the home and taking significant market share gains in a subdued trading backdrop."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 minutes ago
- Yahoo
Airbus workers to stage strikes amid pay dispute
Workers at aircraft manufacturer Airbus are to stage a series of strikes in a dispute over pay. Unite said around 3,000 of its members will walk out for 10 days in September after they voted overwhelmingly in favour of industrial action. Unite general secretary Sharon Graham said: 'Airbus is generating billions in profit; workers deserve a fair deal. Our members are simply seeking fairness not favours. 'Airbus workers have the total support of their union in this dispute.' Unite warned the strikes will hit production of wings for Airbus's commercial and military aircraft programmes.
Yahoo
4 minutes ago
- Yahoo
UK inflation rises to 18-month high in July, driven by higher air fares
Inflation jumped to its highest level in 18 months, amid higher food prices and transport costs. Figures from the Office for National Statistics (ONS) showed the annual rate as measured by the consumer price index (CPI) climbed to an unexpected 3.8% in July, up from 3.6% in June. It is forecast to reach 4% by the end of the year. Transport costs, mainly as a result of higher air fares, were the largest upward driver of prices. Petrol prices nudged higher compared with last year, when prices at the pumps were falling. Food and non-alcoholic drinks were up 4.9% year on year in July, an increase from 4.5% in the 12 months to June. ONS chief economist Grant Fitzner said air fares experienced the largest July increase since the agency began collecting that data on a monthly basis in 2001. 'This increase was likely due to the timing of this year's school holidays,' he said. It's the highest rate of price increases since January 2024, when annual inflation was 4%. "The price of petrol and diesel also increased this month, compared with a drop this time last year," he added. "Food price inflation continues to climb, with items such as coffee, fresh orange juice, meat and chocolate seeing the biggest rises." Read more: How rising inflation will affect your state pension It's the fourth consecutive increase in food inflation and the highest rate since February 2024. The ONS data showed that there were price rises for meat; sugar, jam, honey, syrups, chocolate and confectionery; coffee, tea and cocoa; and mineral waters, soft drinks and juices. Wholesale UK butter prices doubled compared to 2020. Jim Bligh, director of corporate affairs and packaging at the Food and Drink Federation (FDF), warned that' high food and drink inflation will persist through the year'. He said: "With high commodity prices, the new £1.4bn packaging tax, and increased national insurance costs, it's no surprise that many food and drink manufacturers have seen their costs increase by 10% or more this year. "Manufacturers have absorbed as many of these costs as possible, but consumers will still see higher prices at the till." Core inflation - which measures price rises without volatile food and energy costs - rose to 3.8%. Services inflation, a key measure of price pressures for the Bank of England, climbed to 5% in July from 4.7% in June. Air fares surged by 30.2% between June and July, the biggest jump since the collection of monthly data began in 2001. Prices across UK restaurants and hotels also increased last month, largely driven by a jump in overnight hotel stays booked the night before. In a statement from the Treasury on Wednesday morning, Chancellor Rachel Reeves said: 'We have taken the decisions needed to stabilise the public finances, and we're a long way from the double-digit inflation we saw under the previous government, but there's more to do to ease the cost of living. "That's why we've raised the minimum wage, extended the £3 bus fare cap, expanded free school meals to over half a million more children, and are rolling out free breakfast clubs for every child in the country. Through our Plan for Change we're going further and faster to put more money in people's pockets.' The data suggests rail fares are likely to rise by 5.8% next year. Increases in regulated train ticket prices are usually calculated by adding one percentage point to July's inflation reading as measured by the retail prices index, which was 4.8%. Pieter Reynders, a partner at McKinsey & Company, said: 'The CPI rise to 3.8% will sting households already under pressure. With the school summer holidays falling in July, and many families booking shorter holidays closer to home, transport [3.2%, showing the largest uptick vs June] and restaurant and hotel prices [3.4%], spiked. Some seasonal shifts are expected, but the pace of increases still far outstrips the Bank of England's 2% target. 'Food inflation further accelerated to 4.9%, above both CPI and wage growth at 4.6%. That means household budgets will continue to be squeezed, leaving only modest real income gains." Read more: How to find the weak link in your finances The figures complicate the picture for the Bank of England as policymakers decide whether they can cut interest rates again to boost the economy. Rate setters lowered borrowing costs from 4.25% to 4% earlier this month. 'The risk is that inflation expectations and wage growth rise further and the next move down in rates does not happen until next year,' said Ruth Gregory at Capital Economics. The BoE's target for inflation is 2%. Alice Haine, a personal finance analyst at Bestinvest by Evelyn Partners, said: "Mortgaged homeowners and first-time buyers may feel disheartened by the latest inflation reading. Rising inflation can dent affordability and reduce their borrowing power, making it harder to secure a mortgage or move up the property ladder. 'Rising inflation also puts a spanner in the works for those hoping for mortgage rates to ease more dramatically. Persistent price pressures may cause the central bank to delay further easing. While affordability has improved for buyers in recent months, thanks to lower mortgage rates and lenders relaxing their stress test rules, rates may not be easing as fast as people hoped."
Yahoo
4 minutes ago
- Yahoo
Liverpool defender FINALLY ready to re-join his former club
Liverpool have essentially rebuilt their squad this summer, with a serious number of transfer coming in and making upgrading the Premier League champions' starting XI straight away. It's been bizarre to see everything evolve, purely because of the sheer amount of incoming and outgoing moves, but slowly and surely, a blueprint for Arne Slot 2.0 is starting to become apparent. Shop the LFC Store 🚨2025/26 LFC x adidas range🚨 LFC x adidas Shop the home range today! LFC x adidas Shop the goalkeeper range today LFC x adidas Shop the new adidas range today! One area of the team that has seen the most work is the defence, with two full-backs and a centre-back joining the squad, and several players have been displaced in order to fit the new arrivals in. 🔴 Shop the LFC 2025/26 adidas away range Trent Alexander-Arnold moves straight away on a free transfer, Jarell Quansah was sold to Leverkusen and we're now looking at losing one of our spare left-backs while bringing another centre-back in, on top of the business for Milos Kerkez, Jeremie Frimpong and Giovanni Leoni. But with a few things still up in the air, the latest offer of a loan move might give the Reds a moment for pause until everything is cleared up, a last minute judgement call could be made next week. Tsimikas offered loan move According to Giannis Chorianopoulos, a Greek journalist for Sportime, we might see Kostas Tsimikas make a return Olympiacos this summer depending upon whether any permanent options come up. His future at Liverpool as the Greek Scouser looks to be over since Andy Robertson is set to mentor new recruit Kerkez at left-back this season, before the Scot is eventually replaced next season. Remaining in the Premier League doesn't appear to be on the cards according to The Athletic, with a move to a club that can offer European football set to be far more likely. Olympiacos would certainly fit that billing, although the lack of a permanent move could prove to be difficult for Liverpool. But his future bizarrely depends on centre-back Marc Guehi at Crystal Palace who is high up on the list of pieces of business that Liverpool are still hoping to complete. Despite the Reds having four elite options at centre-back, the arrival of Guehi would add an element of solidity to the team. However, signing the Englishman hasn't quite been as straightforward is we thought, since he will be available for free next season and the Eagles are currently haggling on the asking price to let him go. Tsimikas had featured a little at centre-back during pre-season, when the stocks of defenders were low, and until Guehi arrives once the negotiations have reached a positive outcome, Arne Slot might consider keeping the Greek international, purely to cover all bases, using him as a last resort. As such, the anticipated loan move could be put on hold until a last minute call on Guehi is made. The Athletic's intel also suggested that no replacements for Guehi would be looked at if his move doesn't come to fruition - this would be an internal solution that Slot will now doubt have considered.
