Venture not making enough money
MFI is to end its venture with Dixons Group by closing its Hygena concessions at Currys stores.

The retailer said the decision to close the concessions was by mutual consent, following a review of the business. The venture was not making enough sales to justify its continuation.

Analyst Seymour Pierce estimated the loss on the venture this year to be about£5 million, against a projected loss of£2 million. The 130 concessions lost£5 million last year.

The exit cost for MFI will be£5 million, with an additional£3 million taken off the retailer's group operating profit. The closure programme will take place between July and September. All customer orders and after-sales service agreements will be honoured.

MFI chief executive John Hancock said: 'Hygena at Currys has been a worthwhile experience for both sides, but we cannot justify continuing the partnership. Our focus now is working with those colleagues affected to consider options