Friday, September 22, 2006

Everyone is learning from their mistakes

Wouldn't it be cool if this was because someone read what I wrote about their warehouse of hideousness, idiot design, rubbish customer service and 243 screws for 3 drawers?

MFI to be sold for just £1
By Elizabeth Rigby and Eoin Callan // 16th September 2006

The board of MFI is poised this weekend to approve the sale of its struggling retail business to Merchant Equity Partners, in a deal that will see the furniture chain pay its acquirer a "dowry" of about £100m. Under the terms of the unorthodox deal, the 42-year-old furniture chain is thought to have agreed to pay MEP, run by Henry Jackson, the veteran investment banker, a dowry to take the lossmaking business off its hands so it can concentrate on its profitable Howden Joinery trade business.

The deal, which is set to be signed this weekend, still has to be agreed by MFI shareholders. The generous terms being offered by MFI reflect the dramatic erosion in the retailers value over the past few years. Once priced at close to £1bn, MFI is now set to change hands for a nominal sum of £1.The UK's biggest furniture-maker has been one of the casualties of the tough recent trading period for retailers, which has seen costs rise while the prices have fallen.

Or is it I who should have known this in advance and never set foot in their store?

8 comments:

  1. just read your previous post on your experiences with MFI too. T

    I've read and seen mamy customers suffer delays, faulty goods and poor customer service. In fact I believe they were investigated by watchdog a few years back sue to number of complaints!

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  2. Wow!Maybe someone did read your post!

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  3. Well .. atleast you get to feel avenged.. irrespective of what caused this :). Doesn't happen too often. Wish I could gloat over some of companies here who have caused me immense pain ..the latest being related to travel insurance!!

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  4. You never know. The world works in mysterious ways :-)

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  5. Aha! The power of the Pen...err, keyboard!

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  6. I finally did it .... you are on my Blogroll.

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  7. San: I was ignorant of all the bad press MFI was getting. I am thrilled. It's a bit of justice for the complaining public. I however am still stuck with two unmade packs!!

    Inq: Can you imagine that. I should have ranted some more...

    Pea: There are any number of things to provide headaches....all the best with insurance!

    Parth: yes, I am begining to believe that.

    Nee: Yeah, I wish!!!

    Rohini: Why thank you kindly!

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  8. hmmm...I dont think we have MFI here! Should I say...lucky me? :)

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