THE rent-to-own retailer BrightHouse has collapsed placing more than 2,400 jobs across the UK at risk.

The company, which operates stores across the North-East including in Darlington, Durham and Sunderland, called in administrators on Monday.

The firm worked by lending goods such as furniture, electronics and white goods to customers on a monthly basis at around 69.9 percent interest.

This afternoon revealing that 240 stores were affected, BrightHouse said it had appointed administrators to continue running the business and collecting repayments from customers.

It reassured that customers would still have their appliances "looked after" by the company until all contracts had run out, at which point the firm would wind up.

As part of the administration agreement, no rent-to-own sales would be accepted, The Northern Echo understands.

Administrators were appointed to Caversham Finance Limited, which trades as BrightHouse, and Caversham Trading Limited (CTL), which supports the business's logistics, warranty and insurance claims.

Administrators said they "will continue to trade the businesses in line with Government guidance as to remote working or, where essential services are being carried out, only in circumstances where we can provide for employee and customer safety.

"The logistics and engineering business of CTL will continue to assist in dealing with those customers who have claims for essential home item repairs and will continue deliveries of smaller items to customers' doorsteps, to ensure where possible, customers' products remain in working order."