Rent to own giant BrightHouse has entered administration - in a move that could cost more than 2,400 workers their jobs.
It fell into administration on the same day as restaurant chain Carluccio's - which said the coronavirus lockdown resulted in in simply being unable to pay its bills while branches were closed.
BrightHouse, which provides loans to consumers to purchase electrical items, trades from 240 stores across the UK and has roughly 200,000 customers.
Grant Thornton will keep running the business, and collecting money from customers, following the administration.
Customers will also still get their appliances looked after by the company until their contracts run out, at which point the business will wind up. But there will be no new rent-to-own sales.
Its administration also means customers with outstanding mis-selling complaints will likely only get a fraction of the sums they are seeking.
We've got a full guide on what BrightHouse's collapse will mean for you, here.
Do you work for BrightHouse? Get in touch: webnews@mirror.co.uk
Administrators were appointed to Caversham Finance Limited, which trades as BrightHouse, and Caversham Trading Limited (CTL), which supports the business's logistics, warranty and insurance claims, on Monday morning.
Administrators said they "will continue to trade the businesses in line with Government guidance as to remote working or, where essential services are being carried out, only in circumstances where we can provide for employee and customer safety".
The businesses had already started remote working before administrators were appointed, in response to the coronavirus outbreak. All stores were already closed.
The administrators said: "The logistics and engineering business of CTL will continue to assist in dealing with those customers who have claims for essential home item repairs and will continue deliveries of smaller items to customers' doorsteps, to ensure where possible, customers' products remain in working order."
In 2017, regulator the Financial Conduct Authority, called for BrightHouse to repay nearly 250,000 customers a total of £14.8million, for failing to act as a "responsible lender".
These ongoing claims cost BrightHouse a reported £1million each month.
In February, the retailer fell to a loss of £16million in its latest financial quarter after being hit by rising compensation claims.
It came after the chain closed 30 stores last year, a tenth of its total branch network.
