BrightHouse collapses into administration

The Brighthouse store in St Stephens Street, Norwich. Picture: DENISE BRADLEY

The Brighthouse store in St Stephens Street, Norwich. Picture: DENISE BRADLEY - Credit: Copyright: Archant 2017

BrightHouse has collapsed into administration - putting jobs and its three stores in Norfolk at risk. The weekly payment store has now called in administrators Grant Thornton to take over the business.

BrightHouse has stores in King’s Lynn’s Vancouver Quarter, in Great Yarmouth and in Norwich.

Overall it has 2,400 members of staff ad 240 stores.

MORE: Q&A: How you will be paid by government and where to find other financial support

Details about potential closures or job losses have not been revealed.

John Colley, associate dean at Warwick Business School, said: “Those companies without cash or only limited availability of credit have a major problem.

“Many businesses simply do not have access to adequate cash or credit lines and will disappear during the next six months, only the strongest will survive.

“Unless there is significant government underwriting of bank debt many loans will be foreclosed and banks will not be keen to increase their exposure. “In effect this is Darwinist survival of the fittest compressed into six months. Business will not be the same again.”