Furniture retailer to receive £12 million from adviser, but it still has much more to recover
MFI is to get£12 million in a settlement agreement with one of its third-party advisers about defective advice on its pension fund. The retailer said it was in continuing discussions with the trustees on what actions to take with other third-party advisers. These discussions will take place in April.
However, one analyst was unimpressed with the amount the retailer has recouped, considering it has an estimated£295 million pensions deficit.
Seymour Pierce analyst Richard Ratner said: 'This is unlikely to have much influence on the share price, which is much more likely to be influenced by the overall pension deficit and current trading. The latter, although better, disappointed a number of commentators and we are beginning to feel that forecasts may be a little optimistic.'
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