MFI agree £150 million banking deal

TROUBLED MFI agreed a new £150 million banking facility to fund its turnaround.

The agreement, which is for 39 months, followed talks with bankers over future funding arrangements as the furniture group battled rising debts and a pension deficit of around £200 million.

MFI said the deal was backed by the Pensions Regulator and allowed the company to focus on its recovery plan.