BrightHouse, the largest 'rent-to-own' retailer in the UK is thought to be on the verge of going into administration next week.

According to reports, the retailer, which has struggled in recent years, is thought to have been toppled over the edge by the coronavirus outbreak.

It forced the firm to close all its stores - including its branches in Kent, which includes outlets in Margate, Folkestone, Ashford, Chatham, Dover, Ramsgate and Dartford.

It will be yet another blow to the high street with non-essential traders facing cash-flow problems as a result of being forced to shut.

It is understood the potential collapse of the firm, which offers pay-per-week deals on a host of household items, will put 2,400 jobs, nationwide, at risk.

The company came in for criticism in the past for the high price of goods paid for over extended periods due to interest payments.

In 2017, it was ordered to pay almost 250,000 customers £14.8million in compensation after it failed to be a "responsible lender" according to the Financial Conduct Authority.

Any collapse could reduce the amounts many are still waiting on.

And those who are currently paying off products bought via BrightHouse will have to continue to do so, with administrators likely to oversee the payments, with the loans likely to be sold on to another lender.

Sky News is reporting accountancy firm Grant Thornton will oversee the administration which could come as soon as Monday.

KentOnline contacted BrightHouse but a spokesman said it had "no comment to make".

Branches in Maidstone and Gravesend closed as part of an earlier restructuring in 2019.

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