Rent-to-buy specialist PerfectHome is ramping up its store expansion as cash-strapped shoppers drive sales.

PerfectHome chief executive Mike Sweetland said the 27-store retailer has agreed lease terms on three new sites and wants to open “in excess of 10 stores a year”.

He said: “Sales this year have been exceptionally strong. Our market is growing and we can now pick up new store leases in prime locations.”

The retailer, backed by private equity firm Cabot Square Capital, operates across the North and Midlands and stocks product ranges such as homewares and electricals.

The model is similar to rival BrightHouse, which Sweetland ran for seven years until 2006.