Brighthouse to shut 30 shops and cut 350 jobs

Brighthouse is shutting 30 of its shops at a cost of 350 jobs amid tough conditions on the High Street and a clampdown on rent-to-own retailers.

The company is closing about 10% of its estate which will take place over the next two months. Brighthouse, which employs about 3,000 people, said it had informed staff.

A spokesman said: “We are working to redeploy as many people as possible into alternative roles but redundancies will be inevitable.”

In its most recent results for the six months to 29 September, Brighthouse reported a rise in pre-tax losses to £22.1m from £19.9m in the comparable period.

Meanwhile, the Financial Conduct Authority (FCA) last year announced plans to cap the amount of interest that rent-to-own retailers charge customers.