MFI 'on brink of collapse'

British furniture company MFI is in danger of going into administration, it was reported today.

Newspaper reports said the company was the latest victim of the downturn on the high street and could appoint administrators later today.

The company employs more than 1,000 people and runs 110 stores across the UK. Its website was offering 70% discounts on furniture this morning.

Chief executive Gary Favell led a management buyout of the firm at the end of September – when 90 stores were closed as part of the move.

An MFI spokesman refused to comment last night.