Bright spot for BrightHouse? A £220m rescue deal has been agreed

Troubled rent-to-own retailer BrightHouse has reached a deal for a £220m financial restructuring, Sky News reports.

It is expected that the agreement will be announced within the next few days, saving around 3,000 jobs.

Funds associated with private equity house Apollo Management will take control of nearly half the shares in the company.

Meanwhile previous owner Vision Capital will be left with just three per cent.

Once the deal is announced it will still require the approval of creditors and the Financial Conduct Authority.

Bondholders have been seeking to gain control of the retailer for months, during which time BrightHouse was dealt an extra blow as it was ordered to pay £14.8m to customers after a watchdog probe.

It also came in for scrutiny again, when it emerged in the Paradise Papers that the Queen's royal estate had a small holding in BrightHouse.

Chairman Henry Staunton is understood to be on his way out, with his departure expected next year when the restructuring deal is completed.

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