200 jobs on the line as retailer slips into administration

The jobs of more than 200 workers are on the line following the administration of a ‘rent-to-own’ business with interests across the UK.

Joe O’Connor and Dan Hurd, of EY have been appointed Joint Administrators of Dunraven Finance Limited, trading as Buy As You View.

BAYV operates in the ‘rent-to-own’ sector providing approximately 40,000 customers with a range of TV, electrical products, household appliances and furniture through an online store model, with the cost spread over affordable weekly payments.

BAYV employed 267 people at its headquarters in Bridgend but this was cut by 41 yesterday as administrators announced a first wave of redundancies.

BAYV also operates distribution hubs in Coventry, St Helens, Rotherham, Gateshead and Scotland.

Mr O’Connor said: “Over the last year, BAYV, has sought to respond to a period of significant market and regulatory change in the sector and has undertaken a substantial restructuring of its business model and operations.

“This included moving to an online sales model and focusing on core parts of the UK where the Buy As You View brand is best known and has a loyal customer base. However, despite attempts to adjust its cost base to a more sustainable basis, the business has continued to incur significant losses.

“Over recent months a number of further steps have been pursued by BAYV to restructure the business and to explore sale options, however ultimately this has not proven successful.”

He said that as a result of this, the directors had taken the option of placing the business into administrations to enable restructuring to take place.

“As a result, we have taken the difficult decision to make 41 people redundant and are now working with the company’s remaining 226 employees to continue to manage the business,” added Mr O’Connor.

Mr Hurd said customers who had bought products through BAYV could be assured that the business was continuing to trade as usual and servicing agreements were being honoured.

“Similarly, customers should continue to make payments in the usual way in order to maintain this service and to protect their personal credit ratings,” he said.