Nobia, the owner of Magnet Kitchens, is reviewing its £10m media planning and buying business. MediaVest Manchester is the incumbent, although it is not clear if the agency is involved in the pitch.
It is understood that the company is in the early stages of a review, despite only completing its previous media pitch last year.
The fitted kitchen market has been struggling throughout 2008 as the housing market has gone into decline, although Nobia has reported strong results. It saw a profit of £38m in the UK alone last year, and has revealed that sales in the UK have increased by 12% and 10% respectively in the first two quarters of this year.
It also recently spent £25m refurbishing 110 of its stores in an attempt to make the buying experience “more fun and interactive.”
Its strong performance is in contrast to rivals such as FI, which put its retail and property divisions in administration earlier this month, following the completion of a management buy-out deal that rescued 106 of its 187 stores.
The MBO was led by MFI chief executive Gary Favell, a former managing director at Magnet.
It has been reported that MFI’s owners had held talks with a number of potential buyers, including Homeform, which owns Moben kitchens, and Nobia.
Magnet was recently awarded the Government’s Trustmark accreditation as part of a scheme designed to drive out cowboy workmen.
It continues to expand its retail network, having opened 44 new stores across the country since the start of last year.