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Pawnbroker enjoys record performance
A PAWNBROKER with outlets in Hartlepool, Peterlee and Billingham has reported hugely encouraging full year results.
The annual performance of Ramsdens shows it has passed the £50m turnover mark for the first time.
It made the announcement at the same time as outlining its plans to open 30 new stores during this year.
Chief executive Peter Kenyon said the company’s 2011 turnover was more than £54m, giving it a year-on-year growth of 52 per cent.
It experienced improved performances across most of its products and returned a record increase in pawnbroking loans.
“The current economic climate has put the spotlight back onto pawnbroking as a reasonably cost-effective way of borrowing money. But it is nothing new, it has been in existence for hundreds of years,” said Mr Kenyon.
“Our branches are reporting a resurgence of interest in pawnbroking loans where people can secure an instant cash loan against an item of jewellery.”
Last year saw Ramsdens open eight new stores, expanding its network to 92.
As well as pawnbroking, Ramsdens sells jewellery and foreign currency and buys gold and silver.
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Monday 28 May 2012
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