A bright outlook for budget retail chain BrightHouse

Nov 10 2009 by Chris Knox, The Journal

BUDGET retail chain BrightHouse has seen its sales increase by almost 10% as it continues to roll out the expansion of its portfolio of stores, which has seen the launch of new sites in County Durham and Seaham.

The Watford-based company has benefited from the slow down on the high street, with shoppers more inclined to spread the cost of big ticket items such as home furnishings and electronics.

The firm, which employs 2,200 people across the country, saw sales in the six months to September 30 grow from £81.8m to £94.6m, which represented a 9.9% increase on the same period last year, with the 11 new stores opened during the period bringing the total to 188.

Included in the new openings arenew sites in Consett, County Durham, and Seaham, with the firm continuing with its plans to increase its 19 stores in the North East to 24 within two years, which would provide employment for 170 people.

BrightHouse chief executive Leo McKee said that the firm was on track to hit its target of opening 20 stores during its current financial year, with he firm seeing a rise in demand for electronics such as laptops and gaming consoles as Christmas approaches.

The firm operates a rent-to-own policy, whereby customers pay weekly installments with added interest on top until the product is paid off.

Mr McKee said: “Our store opening programme remains on track. We have the foundations in place for Christmas and we look forward to successful trading during this key period.

“Current performance is in line with management expectations and the company is well placed for further growth.”