Weekly-payment retailer Brighthouse has put itself up for sale as it struggles to overcome growing financial turmoil.
According to The Telegraph, the retailer, which trades from 280 locations across the UK, is battling to refinance £220 million of bonds due next year.
The company has come under fire from financial regulators over its sales operation, having been forced to carry out more detailed assessments of customers incomes before allowing them to make a purchase.
The weekly installments system was revealed in a study last year to see customers pay £1056 for a washing machine which retailed for £350.
After the changes were made the retailer‘s earnings dive bombed 79 per cent to £11.7 million.
Just three years earlier, its owner Vision Capital was considering a stock market float, but this was thwarted by US hedge funds buying up debt and attempting to take control of the business.
“We are making progress in returning the business to growth and delivering on our plans,” chief executive Hamish Paton.
“Steps have been taken to manage our costs and earlier this year we received confirmation from the FCA that they were minded to authorise our business, subject to specific conditions.”
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