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PerfectHome has been transitioning to a web business model, closing dozens of stores in recent years
Weekly payments retailer PerfectHome has a new owner after the furniture and electricals business was sold out of administration.

 

Through an affiliate called Brixworth Investments, hedge fund Elliott Advisors has taken control of the circa £60 million turnover retailer for as-yet-undisclosed terms.


PerfectHome's operating company was placed into administration through Robert Harding and Philip Bowers of Deloitte on July 4.


The takeover saves around 300 jobs at the Coleshill based business, bringing Cabot Square Capital's ownership of the retailer to an end.


Elliott Advisors is the British arm of Elliott Capital, a global hedge fund with diversified interests and billions of dollars under its management. It owned the bulk of PerfectHome's debt.


Perfect Home sells to customers who might otherwise struggle to buy goods on credit. It has been transitioning from a stores-based model to ecommerce in recent years, closing an estimated 70 stores in short order to concentrate on its web business.


It booked a £49 million consolidated net loss in 2016–17 as its profits were hit by a series of impairments and provisions. More than £27 million of its £62.7 million turnover for its latest reported period was derived from interest on hire purchase contracts.


U.S rent-to-own retailer Aarons was a former investor, and at the end of 2017 agreed a two-year extension on a circa £16 million facility provided to PerfectHome. Around the same time, Perfect Home agreed a capped £50 million credit facility with Kaluga Investments, a Luxembourg based company.