PAWNBROKER Ramsdens has seen its revenues jump by more than half to £54m over the last year as demand grows for quick no-strings loans.

The Middlesbrough-based company’s income and earnings continue to soar and it has nearly met its 2012 target of operating 100 stores already.

The business has grown from a modest cheque-cashing business in 1950 into the UK’s biggest independent pawnbroking firm. Turnover jumped from £13m in 2008 to £27m in 2009 to £34m in 2010.

Over the last 12 months it saw takings top £54m and now hopes to see business rise as high as £65m by the end of this year, as it grows its chain and increasingly attracts customers who once would never have ventured into a pawnshop.

Chief executive Peter Kenyon expects to extend his chain from 94 by another 30 this year and will create another 120 or more jobs as he does so. Last year staff numbers rose by 67 to 360.

“We are really changing the face of this industry with bright, welcoming stores which are a long way from most people’s idea of a pawnshop as a rather shady place,” he said.

“We are now more socially acceptable and we are getting different types of customers in who want a quick loan with no strings which they cannot get from a credit card or bank. We are getting people in who want to raise money to pay school fees. We had one customer in recently who pawned jewellery to buy a Ferrari.

“The numbers are going up partly because of gold price inflation, partly because we are opening new stores and partly because we are welcoming new customers into our stores. Around 10% of our customers are new.”