MFI Furniture Group PLC
18 May 2000
MFI FURNITURE GROUP PLC
AGM STATEMENT
The following extracts are taken from the Chairman's statement to
Shareholders at MFI's Annual General meeting this morning.
Current Trading
'At the time of our Preliminary Results Announcement on 20 March 2000
we said that group sales orders for the period since the start of the
sale on boxing day had increased by 23%. However it should be noted
that the Winter Sale was two weeks longer than in the previous year.
Sales orders for the first nineteen weeks of the year are now 20%
above last year's disappointing level.
A further trading update will be given when we announce our interim
results on 27 July.
Board Changes
'Firstly I should inform you that MFI and Michael Williamson have
mutually agreed to part company. In the short time Michael has been
with the Group he has achieved a great deal and made a significant
contribution to the rehabilitation of the Group. In particular he has
played a key role in stabilising the financial position of the Group.
He has also improved the quality of the financial reporting and
operational controls incorporating best practices as well as
initiating and implementing the change of year-end and several other
key financial and operating initiatives. I am very grateful to him
for his contribution and am pleased to inform you that he has agreed
to remain with the company for a couple of months or so until a
suitable successor has been recruited.
'Sir Robert Smith retires from the MFI Board this morning after
serving as a Non-executive Director for some thirteen years. He
played a vital role in the 1987 management buyout and since then has
been a constant source of support and advice. On behalf of the Board
I would like to thank him for his valuable contribution.
'As I mentioned earlier, this is the last meeting I will be attending
as MFI's chairman. Over the last year the Board and its advisors have
been carrying out a thorough search to find my successor. I am
delighted to inform you that the board has unanimously resolved to
invite Ian Peacock, who was appointed to the MFI board at the
beginning of January, to be the company's non-executive chairman. I
am even more pleased to inform you that Ian has accepted the board's
invitation and that he will therefore take over from me with effect
from the conclusion of this meeting.'
John Hancock, Group Chief Executive, said:
'I am grateful to Derek not just for what he has done for the business
over the last twenty eight years but also for the encouragement and
advice that he has given me since I joined MFI. However, I have every
confidence that Ian Peacock is the right person to lead the company as
Chairman at this time and I look forward to working with him.'
Enquiries:
MFI Furniture Group John Hancock, 020 8200 8000
Plc Group Chief
Executive
Brunswick Susan Gilchrist / 020 7404 5959
Charlotte Elston
Note to Editors:
Ian Peacock, 52, has held a number of senior positions in the fields
of banking and finance.
From 1998 until May 2000, Ian served as a Special Advisor to the
Domestic Finance Division of the Bank of England, advising on
corporate finance, covering both debt and equity in the private and
public markets.
Between 1996 and 1998 he was Chief Operating Officer, Investment
Banking Division of BZW, having been appointed Co-Head, Merchant
Banking USA for BZW in 1994. Between1975 and 1994 he held a variety
of positions at Kleinwort Benson, and was appointed Joint Head,
Financing Division in 1990. He began his career as an economist at
Unilever, where he spent five years.
Ian joined the Board of MFI as a Non-executive Director in January
2000, serving on the Audit, Remuneration and Nomination Committees.
He was appointed Non-executive Chairman on 18th May 2000.
Ian is currently also an advisor to Lombard Risk Management, and a Non-
executive Director of Norwich and Peterborough Building Society.
He graduated in economics from Trinity College, Cambridge.
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