AshurstAshurst and Freshfields Take Latest High Street Administration Mandate
BrightHouse is the latest casualty of the strained retail market.
March 30, 2020 at 10:28 AM
2 minute read
Ashurst and Freshfields Bruckhaus Deringer are advising on the administration of rent-to-own company BrightHouse, as the high street outfit becomes the latest to be hit by a strained retail climate.
BrightHouse, which is based in Watford and has over 240 U.K. stores, announced in a statement on Monday that it has called in Grant Thornton as its administrators.
Freshfields Bruckhaus Deringer is advising BrightHouse and Grant Thornton, according to two people with knowledge of the situation.
Ashurst is advising the board of BrightHouse's owner, Caversham Finance Limited, with a team led by restructuring partner Drew Sainsbury.
The COVID-19 crisis has put pressure on an already strained high street retail markert.
Earlier this month, homeware brand and fashion chain Laura Ashley cited COVID-19 as a contributing factor to its collapse, which Travers Smith advised on.
Last month, restructuring lawyers told Law.com's U.K. arm Legal Week that they were likely to face an uptick in work as companies could face financial difficulties in light of the coronavirus pandemic.
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