MFI 'has offers for its business'

Competition has increased in the UK retail sector

UK furniture group MFI, which is in the midst of a broad restructuring, has been approached by buyers wanting to acquire all or part of its business.

The company said it had been contacted by a "number of third parties" and was "evaluating this interest".

Earlier this year, MFI unveiled a turnaround plan that involved shutting stores, selling its Sofa Workshop chain and shedding as many as 1,500 jobs.

The company said earnings were still under pressure as orders had fallen.

MFI, one of the UK's best-known furniture retailers, said orders had fallen 19% since 26 December on an annual basis.

The company said it now planned to focus on its "store portfolio and local distribution model", adding that "this will involve cost and considerable executional challenges".