Apollo-backed BrightHouse goes into administration

BrightHouse, a UK rent-to-own retail chain backed by Apollo Global Management, has gone into administration. The company had recently closed all its stores in response to the coronavirus outbreak. The company specializes in renting goods to those who are unable to access traditional lines of credit for big purchases such as televisions and sofas.

Apollo, Alteri Investors and other undisclosed investors acquired the business for £220 million in December 2017 as part of a restructuring deal, according to reports. Two months prior to that, the company was ordered by regulators to pay more than £14.8 million to 249,000 customers for not being a responsible lender.

News & Analysis

Related content