MF Bidco Limited (10932053): administration
- Status
- In administration
- Administration began
- 2024-03-08
- Administrators
- Julian Heathcote, Benjamin Dymant
- Administrators' firm
- Teneo
- Incorporated
- 2017-08-24
- Location
- 20 Colmore Circus Queensway
- Industry
- 74990 Non-trading company
Why it went into administration
- Funding withdrawn / unable to refinance
- Weak consumer demand
- COVID-19
- Property / lease costs
- Competition / price pressure
From the administrators' statement
Despite being a predominantly online retailer, MFL’s financial performance suffered during Covid due to an imbalance of stock and the demand for luxury fashion apparel being outweighed by that of casual and activewear which were under-represented in the Group’s offering.
While there was some recovery of demand seen in FY22 operating expenses increased which, alongside investments in inefficient marketing channels, led to losses in the business.
An operational and financial turnaround plan was put in place at the end of 2022, however the wider economic environment led to another fall in consumer demand during the third quarter of 2023, with a knock-on impact on volumes and stock levels across the wider luxury market.
Administrators' statement of proposals (2024-04-23) · Companies House register