MFI, the most high profile KBB casualty of the recession, is to make a comeback after the brand was bought out for a reported £250,000.

The new owner is plumbing company The Walker Group whose other brands include online and mail order bathroom company Victoria Plumb and shower supplier Douglas James. It also runs bathroom pod manufacturer Walker Modular.

Few details have been released however a statement on the rudimentary website says MFI has been a "true pioneer of the one stop shop for home products".

"MFI has been instrumental in the creation and development of not only the products we buy for our home but also the way we buy them," it says. "In line with ever changing retail landscape, MFI is being specifically refreshed to offer a more innovative and design led product range and shopping experience, while continuing the tradition of offering great choice and value for money backed up with first class customer service and support.

"The MFI brand relaunch promises to be one of the most eagerly anticipated events in the UK retail calendar."

It is not yet known when that relaunch will take place.

MFI went into administration two years ago following several years of turmoil. At its peak it had a large property estate of nearly 200 stores, selling more than 50 million items a year to 2.5 million households. It ceased trading in December 2008 after failing to secure rental relief from its landlords.

The administrator MCR appointed intellectual property company Metis Partners in June to selling off MFI's various brands and related domain names.

The move, which Metis is talked up as reminiscent of Woolworth's return to the market as an online retailer, included a long list of MFI trademarks, logos, artwork and intellectual property in addition to 205 internet domain names. 

In June, Metis founder Stephen Robertson said: "For people in the 30 to 40 age bracket MFI is an instantly recognisable brand which is synonymous with reasonable quality at reasonable prices. Just as the Woolworths name lived on web after its demise, there is a great opportunity for business people to profit from the embedded value in the MFI name."