Lord Sugar Spotted Eyeing Isle of Wight Business Property – Is a BrightHouse Takeover on the Cards?
Sir Alan Sugar, the hard-nosed billionaire and face of BBC’s The Apprentice, was seen scouting business properties on the Isle of Wight today. The business tycoon was snapped snapping a photo of a beleaguered BrightHouse store on Newport High Street. The twist? Sugar already owns several properties on the island, including a summer retreat in Bembridge.
BrightHouse in Trouble – Perfect Pickings for Sugar?
BrightHouse, the notorious rent-to-own chain, has been hammered by regulators and ordered to repay nearly £15 million to 250,000 customers for extortionate interest rates. The company lost 44,000 customers last year, closed 29 stores, and reported a £111,000 loss for the year ending March. Rumours are swirling that Sugar could be eyeing the Brighton chain — but whether it’s just this one shop or the whole empire is anyone’s guess.
Hedge Funds Stalling – Could Sugar Pounce?
BrightHouse’s bondholders had an informal deadline today to strike a deal on restructuring the company’s finances. That deadline looks to have slipped, increasing chatter about a change in ownership. With nearly 300 stores nationwide, this could be a massive coup for Sugar, who’s worth a whopping £1.25 billion. He just missed cracking the top 100 of the Sunday Times Rich List, landing at 103rd – making him nearly four times richer than the Queen.
Property King, Not Just TV Star
Despite his on-screen image as an entrepreneur, Sugar’s true money-spinner is property – not gadgets like the ill-fated Emailer+. His firm Amshold recently revamped The Crosspoint near Liverpool Street and owns prime London spots like The Lever Building, rented to Tesco, and Gloucester House on Old Park Lane, home to the Hard Rock Café.
Mark Wright, a former Apprentice winner, said in 2015: “Lord Sugar said you make money from property and do business for fun.”
Is Sugar preparing to snap up BrightHouse’s high street empire? Only time will tell if this Isle of Wight photo-op is a simple visit or the start of a property takeover drama.
