Pawnbrokers going bust (?!)

edgex

https://www.theguardian.com/business/2019/sep/13/albemarle-bond-pawnbroker-stores-close

The future of the pawnbroker Albemarle & Bond and nearly 400 staff is in doubt, leaving customers fearful that they will not get their belongings back, after it shut shops and its website warned that parts of the business had “ceased trading”.

In a statement on its website, Albemarle & Bond told customers, who pawn valuables for short-term cash, that their items would be held at its pawnbroking centre for the duration of the loan.

But the pawnbroker, which is owned by Oxford-based Speedloan Finance, said nothing about the future of the 116 shops it operates alongside its sister brand, Herbert Brown.

Speedloan Finance, which employed 391 people at the end of 2018, reported a fall in revenue last year from £38m to £34m, leading to an increase in pre-tax losses from £1.9m to £3.3m.

Fellow pawnbroker and payday loans company The Money Shop went bust in June but it is unclear if Albermarle & Bond has suffered the same fate.

Bottom end of the credit market now done for?
People simply don't have pawnable assets?

lisyloo

The devil is in the detail.
One pawnbroker has gone bust. Could be a variety of reason including bad management.
Doesn’t mean anything on its own.

AnotherJoe

Also, i suspect few people actually pawn things these days they mostly sell and there are many many more places to do that now. Its a busienss model that doesnt work so well what with ebay gumtree and the rest.

edgex

lisyloo wrote: »

The devil is in the detail.
One pawnbroker has gone bust. Could be a variety of reason including bad management.
Doesn’t mean anything on its own.

Money Shop went bust, & it looks like A&B are in the process of being wound up.
That's just the big multi-branch ones as well.

phillw

AnotherJoe wrote: »

Also, i suspect few people actually pawn things these days they mostly sell and there are many many more places to do that now.

I don't know what split of cash converters business is sell/pawn, but they seem to have plenty of shops around.

Zero_Sum

A few years ago, i tried to buy currency from them. It was a slightly uncommon one but they were the only place advertising they sold it (and at a decent rate). Day after day they just fobbed me off, messed me about and basically lied about actually selling it.. so im a little bit pleased that theyve gone. Shouldve been a bit more honest & not mess about potential customers..