Rent-to-own furniture and electrical retailer Buy As You View has reported that it plans to cut costs but has rebuffed rumours affecting the majority of its staff.
According to The Telegraph, Buy As You View chief executive Andy Russell told the publication that ‘significant changes to reduce our cost base relative to the size of the business’ are in preparations, but stressed that jobs cuts impacting its staff force of over 500 employees were ‘inaccurate’.
The news follows recent stricter guidelines made by the Financial Conduct Authority (FCA) that is cracking down on the rent-to-own market by enforcing new assessment criteria.
The regulation body, which took over from the Office of Fair Trading (OFT) back in 2014, revealed earlier this year that it was concerned with some rent-to-own retailer practices, with all firms now required for full authorisation.
This has already impacted rivals within the industry, with BrightHouse reporting a ‘material impact on trading’ last month as its contract portfolio fell to £513.8m.