There is a UK high street retailer that is relishing the credit crunch and is positively thriving in economic uncertainty. Honest.

If you don't believe me, ask Giles David, CFO of home furnishing and electrical rental business Brighthouse.

The number of people buying TVs and washing machines on hire purchase is booming and Brighthouse's story is in stark contrast to those on the long list of well-known businesses entering insolvency, most recently fashion shoe retailer Base.

While HP has proved controversial because of the perception that the less wealthy end up paying inflated prices in the long term for goods, it works as renting involves less risk for the consumer in comparison with taking out a loan. Even professionals are taking advantage of the opportunity to rent the latest mega TVs.

'The core of the proposition is almost unique in the high street as the key for customers is the ability to return goods and not get into a debt trap. When they sign a contract with us they can return the product at any stage,' says David.

David left O2 as UK head of finance to join the business in 2006 as part of a management spruce-up by its then owners Terra Firma. Within months, David, who had leant towards commercially focused FD roles, was facing his first foray into a complete refinancing and sale of a business. As part of that process he took Treasury exams and then hired due diligence expertise to run the rule over the business.

While Brighthouse's custom is boosted by the credit crunch, it could have proved disastrous for the business as the refinancing was completed weeks before the sub-prime lending collapse in the US emerged.

'We got it away in the nick of time, I think.'

The loan has given the company room to expand, leaving David to focus more strategically while store managers look after arrears management and his finance team pulls together the numbers and helps develop the business. 'My role has changed,' he explains. 'Those three individuals take responsibility for supporting their customers, the directors, and running the finance function day to day. My role is more to get out into the business and bring back insights and challenges.'

David says he is 'not a great technical accountant', but qualifying with CIMA was critical in helping him run a commercial business. 'I think the auditing background and strength you get from chartered accountancy is very useful, but in many ways you get that by hiring in. You can buy in that skill, so the critical thing was, can you run a commercial business? CIMA has an edge in that.'

While pleased with his choice of qualification, things haven't always gone smoothly. He admits he had 'tough times' at Marks & Spencer Direct, where there were concerns that the mail-order business could damage in-store sales. He also served as FD of Energis during its period in administration:'That's when you learn the most,' says a philosophical David.

Nothing to fear

Not so much regret, but more advice for budding finance professionals, David advocates fearlessness when considering a move to a small business early on in a career: ‘I was in multi-billon pound businesses until the age of 38, but the quality of education and experience I’ve had in last two years as FD of a smaller business, well, you learn a lot more quickly.’

Flop house

While Brighthouse is looking to dodge the problems faced by the high street, many famous names have disappeared in recent times.

Ciro Citterio, Fopp, Music Zone and MVC have all disappeared. Allders is represented by its livery at its former flagship store in Croydon. Dolcis also entered into administration, with stores and branding purchased by Stylo.