As revealed by Retail Week (September 22) chief executive officer Gary Favell said they would 'upgrade many aspects of the business', including 'a greater focus on customer service - and introducing tighter controls on expenditure'.
The company added that the new owners would invest£102 million, in addition to£125.7 million from MFI's previous owners by April 2008.
Unveiling the new management team for the 200-store business, Favell said: 'The current MFI business is not sustainable without change - this is not a quick fix and to reach our objectives will take several years.'
He added that the new management team - which includes chairman David Hamid, who is also a partner at the private equity house bankrolling the deal, Merchant Equity Partners - had been responsible for 'various successful turnarounds', including kitchen retailer Magnet, which was formerly led by Favell.
The news of the new top-management of the business came a day after MFI shareholders backed the sale of the retail arm to Merchant Equity Partners for£1 after the company posted a£14 million loss in its interim report in June this year.