- It was once one of the country’s largest kitchen and bedroom furniture retailers
Defunct furniture brand MFI will return to the UK after almost 20 years, as owner Victorian Plumbing sets about a ‘re-invention’ of the brand.
MFI, which was once one of the largest suppliers of kitchens and bedroom furniture in the country, collapsed into administration in 2008 alongside rivals like Courts and Land of Leather as the global financial crisis hit household budgets.
But the brand domain was quietly obtained by Victorian Plumbing in May last year as part of its acquisition of Victoria Plum.
It will trade as a standalone online homewares business, targeting bedroom, living room, dining room, hallway and home accessories, Victorian Plumbing said.
The group is targeting a launch date in the second half of next year.
London-listed Victorian Plumbing told investors on Wednesday alongside its half-year results that MFI would be run by a ‘dedicated and experienced management team’, including buyers formerly employed by Mike Ashley’s Frasers.
Rebound: MFI collapsed into administration in 2008 alongside rivals like Courts and Land of Leather as the global financial crisis decimated the sector, but is now being relaunched
MFI will use the existing infrastructure of the wider group, including two warehouses vacated by Victorian Plumbing in Skelmersdale, Lancashire.
It marks Victorian Plumbing’s entry into the UK homewares sector, which is worth an estimated £20billion.
Victorian Plumbing, which said MFI’s product range ‘fits’ with its existing customer base, plans to invest £3million in ‘people and property’ this year as part of the launch.
Founder and chief executive Mark Radcliffe said: ‘I am very excited about the upcoming re-invention of MFI, allowing us to tap in to more of the £20billion UK homewares market.
‘Our dedicated and ambitious team, decades of e-commerce knowledge and best-in-class proprietary software, together with the recognisable MFI brand, will help to deliver our strategic ambition over the medium-term.’
MFI was a hugely popular British furniture store that also branched out into homewares
It came as Victorian Plumbing reported 6 per cent year-on-year revenue growth to £152.7million for the six months to 31 March, with adjusted earnings before nasties up 15 per cent to £15.2million.
Profits were boosted by a 10 per cent jump in orders and more customers buying Victorian Plumbing’s own-brand products.
The group expects full-year profits of £31million to £32million, weighed down by £2million as a result of investment in MFI.
It said: ‘Forecasting MFI at this stage, without any history, is challenging. As an entrepreneurial business we will react and adapt over time.’
Radcliffe added: ‘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.
‘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.
‘Victorian Plumbing has always taken an opportunistic and entrepreneurial approach; alongside this we have built a business that invests in the future, has solid financial foundations and is committed to delivering long-term value to all shareholders, as epitomised by our enhanced capital allocation policy and increased interim dividend.’
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .