A team leading a buy-out of MFI has told landlords that 100 stores will be put into administration unless they agree to a three-month rent holiday from September 29 until Christmas Eve.

Galiform says it is the guarantor of the rent and associated costs payable under the leases of 46 properties occupied by the MFI Retail operations.

Galiform added it has already developed "a detailed and thorough property-by-property plan to seek to mitigate the financial impact of it becoming liable for payments in relation to the guarantees, including negotiating the early ending of leases with landlords or finding new sub-tenants".