Stewart Smith, Executive Chairman, Ramsdens Financial

May 4 2010 by Chris Hole, Evening Gazette

MIDDLESBROUGH-BASED Ramsdens Financial is a company that’s going for growth. Chris Hole met the firm’s executive chairman Stewart Smith.

SPEAKING about the business his father started nearly 60 years ago, Stewart Smith admits he had never envisaged the company growing to its current size.

As executive chairman of Teesside-based Ramsdens Financial, Stewart has seen the business fight off the burdens of the recession and continue to rapidly expand across the UK.

From its humble Teesside beginnings, the company now has branches across the North of England and Scotland, and employs more than 300 staff.

Last week, Stewart was also acknowledged for his personal achievements being named on the shortlist for Ernst & Young’s 2010 Entrepreneur of the Year awards.

“I’m very proud of the business and we are all enjoying the journey,” Stewart, from Marton, said.

“I didn’t imagine it would get this big but even back when we were a home credit business, we were ambitious. It’s a real honour for me to be shortlisted for the award too.”

Ramsdens Financial was founded by Stewart’s father Herbert Smith in the 1950s, and was primarily involved in home collected credit.

In 1997 it branched into pawnbroking as a franchisee of John Ramsdens Pawnbrokers.

Five years later it acquired the Ramsdens business from its franchisor, quickly beginning a rapid expansion into the pawnbroking industry across Teesside.

Stewart, himself, grew up in Middlesbrough and aside from a brief spell living in Edinburgh for a couple of years has been on Teesside ever since.

He went to Acklam Hall Grammar and later completed a business studies degree at Teesside Polytechnic, before joining the family business in 1974.

“I didn’t have to come into the business but it was something I enjoyed,” he explained.

“Dad just gave me the opportunity. As a business we were always looking to move into different areas.

“The interest I had in pawnbroking actually came in 1991, when I read a story in the Evening Gazette.

“I just thought it was a great business idea and it became our main business over time.”