The MFI Group (New Co) went into administration last night.

MFI, which owns 195 stores, had been attempting to rescue around 100 stores by placing just MFI Property, with around 95 stores, into adminstration but poor sales has scuppered rescue plans.

It had negotiated a three month rent free period until December to secure its future but dire trading has meant the business could not survive to pay the next quarter rent due in December.

The adminsitrator to MFI is Menzies Corporate Restructuring