The company behind weekly payments retailer BrightHouse, Caversham Finance Ltd (CTL), has gone into administration.

Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton UK LLP were appointed as joint administrators yesterday. 

CTL operates a logistics and engineering business supporting the servicing, warranty and insurance claims of BrightHouse's rent-to-own customers in the UK. The joint administrators are now in full control of these businesses’ operations and will continue to trade in line with Government guidance. There will be no new rent-to-own or cash loan lending activity, but outstanding loans must still be paid (remotely).

The joint administrators plan to explore options to increase value for creditors, including an orderly wind down and sale of assets.

Existing customers can find out more here.