BrightHouse (retailer)
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| Type | Private |
|---|---|
| Industry | Retailer |
| Headquarters | Watford, UK |
| Key people | Leo McKee (Chief Executive)[1] |
| Products | Furniture Consumer electronics Household appliances |
| Employees | 2,600[2] |
| Parent | Vision Capital |
| Website | brighthousegroup.co.uk |
BrightHouse is the largest rent-to-own company in the United Kingdom with 230 stores.[3] The company employs in excess of 2600 staff[2] nationwide with expansion planned to continue, with a further 30 stores are set to open during the next 12 months.[4]
BrightHouse is a trading name of Caversham Finance Limited which is owned by private equity firm Vision Capital.[5]
BrightHouse are currently the sponsor for Five's Australian soap Home and Away.
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[edit] History
Caversham Finance Limited, previously a subsidiary of Thorn Group plc, was taken private in September 1998 in a deal arranged and financed by the Principal Finance Group of Nomura (now reconstructed as Terra Firma Capital Partners). The company was bought by Vision Capital in July 2007.[5]
BrightHouse is a national retail chain that sells home electronic and domestic appliances, household furniture and related products, on a ‘rent to own’ basis. BrightHouse provide customers access to a number of products, without asking for large deposits. It currently operates 230 stores and has over 2,600 employees.[citation needed] A further 30 stores are set to open during the next 12 months.
June 2009 saw the launch of its online hiring site.[6]
BrightHouse released its financial results in July 2010 showing a 15.7 per cent rise in annual sales to £197.3 million. Over the Christmas period 2010 BrightHouse saw their sales increase 13.7 percent to 57.4 million pounds in the 13 weeks to 31 December
[edit] Product offerings
BrightHouse currently stocks brands which include Samsung, Sony, Philips, Acer, Nintendo, Baird, Whirlpool, Beko and Nokia.
Furniture accounts for about 20 per cent of sales, audio and visual for 30 per cent, domestic appliances for 20 per cent and 30 per cent for technology.[1]
[edit] Awards
In 2008, BrightHouse won Best High Street Recycler at the National Recycling Awards.[7] Moreover, the company won a Green Apple Award for Environmental Best Practice.[8]
BrightHouse has been shortlisted for the Retail Technology Initiative of the Year in the Oracle Retail Week Awards 2010. Results are to be announced on 4 March.[9]
In 2010, Mark Lynch of BrightHouse won Retail Week Supply Chain Professional of the Year, with Dene Hamill also winning Buyer/Merchandiser of the Year.
In 2010 BrightHouse were ranked 156th in the Sunday Times HSBC Top Track 250 league table, ranking Britain's leading mid-market private companies with the biggest sales.
[edit] Charity and Partnerships
In October 2007, BrightHouse announced an exclusive agreement with Five to sponsor the Trisha Goddard show.[10]
BrightHouse is currently the sponsor for Five's Australian soap Home and Away.
BrightHouse is an active supporter and fundraiser for Retail Trust, a national charity that offers a confidential helpline, financial assistance, and other practical support. It serves employees, former employees and families, of the UK retail industry.
BrightHouse partnered with the NSPCC in 2009. As well as running various fundraising events for the charity, BrightHouse has posters and promotional material in their stores to raise awareness.[11]
From January 2010 BrightHouse, through its partnership with SportsAid, is providing financial support for 15 young athletes.
In 2010, Brighthouse partnered with Centerprise International Limited, an approved Becta supplier to participate in the Home Access programme. This is a Government-backed initiative through which some 270,000 eligible low income families in England will be offered grants for a home computer and internet access. People who are registered will be able to order their free computer from one of Brighthouse's 192 stores.[12]
[edit] Criticism
In May 2009, an investigation by BBC Newsbeat suggested that BrightHouse mistreated customers who missed payments. Former employee, Tristam Meyrick, told Newsbeat the company attempted to repossess goods without obtaining a court order, saying "We would just lie our way around it. Tell them we had the legal right to be there, and refuse to leave until they gave us the stuff." Commercial director Hamish Paton denied the company mistreated its customers, saying "We would only ever take the goods with the consent of the customer". Chris Tapp, director of charity Credit Action called for the Office of Fair Trading to investigate.[13]
The company's lending practices have been criticised for targeting the "poorest, most desperate families" and operating in the "most deprived areas" of the UK. Given BrightHouse's interest rates, a buyer may end up paying as much as £701.48 for a PlayStation 3 retailed at £299.99.[14] Other customers end up paying more than twice what they would have paid absent BrightHouse's finance charges.[15] Their base prices have also been noticed to be higher than the prices charged by upscale mainstream retailers such as Harrods.[16]
[edit] References
- ^ a b Nicola Harrison (13 November 2008). "BrightHouse's Leo McKee: Safe as houses". Retail Week. http://www.retail-week.com/brighthouses-leo-mckee-safe-as-houses/1923628.article.
- ^ a b "Information About BrightHouse". BrightHouse. http://www.brighthouse.co.uk/company/information-about-brighthouse.asp. Retrieved 14 May 2009.
- ^ Marcus Leroux (29 December 2008). "BrightHouse gets strong signal that everyone wants a TV". London: The Times. http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article5408488.ece.
- ^ "Outlook is bright for BrightHouse | Manchester Evening News - menmedia.co.uk". menmedia.co.uk. 2011 [last update]. http://menmedia.co.uk/manchestereveningnews/news/business/s/1302052_outlook_is_bright_for_brighthouse. Retrieved 23 May 2011.
- ^ a b Tom Braithwaite (17 November 2007). "BrightHouse circumvents credit crisis". Financial Times. http://us.ft.com/ftgateway/superpage.ft?news_id=fto111720070100304085&page=2.
- ^ "BrightHouse launches careers site". On Rec. 23 June 2009. http://www.onrec.com/newsstories/25173.asp.article.
- ^ "2008 Winners". National Recycling Awards. http://www.nationalrecyclingawards.com/Winners.asp?m_pid=0&m_nid=31063. Retrieved 16 February 2009.
- ^ "Green Apple Award Winners 2008". The Green Organisation. http://www.thegreenorganisation.info/gaaw.asp. Retrieved 16 February 2009.
- ^ Oracle Retail Week Awards
- ^ "BrightHouse sponsors Trisha Goddard Show". ERT Weekly. 8 November 2007.
- ^ "BrightHouse announces partnership with NSPCC". Marketing. 4 January 2010. http://www.marketingweek.co.uk/brighthouse-announces-partnership-with-nspcc/3008202.article.
- ^ "BrightHouse partners with Centerprise". PR-Inside. 19 January 2010. http://www.pr-inside.com/brighthouse-partners-with-centerprise-to-r1674083.htm.
- ^ "BBC - Newsbeat - The P Word - Firm denies 'bullying' customers". BBC News (London: BBC). 14 May 2009. http://news.bbc.co.uk/newsbeat/hi/the_p_word/newsid_8049000/8049351.stm. Retrieved 23 May 2011.
- ^ Sophy Bright, "You vultures! Loan fat cats prey on the desperate poor to fund mansion lifestyle", News of the World, Jan. 18, 2009, accessed Mar. 18, 2010
- ^ Don Mort, "Don't fall prey to doorstep lenders plea", Wakefield Express, Jan 1, 2010, accessed Mar. 18, 2010.
- ^ "The peril of easy credit at Christmas", The Sun, Dec. 7, 2009, accessed Mar. 18, 2010.
[edit] External links
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