Pawn firm goes online after recent sucesses

Sep 3 2009 by Chris Knox, The Journal

A NORTH East pawnbroking company believes it can more than double its number of stores to 100 and create 200 jobs after setting up an online service and extending its operations in Scotland.

Over the last 50 years, family firm Ramsdens has become the first high street pawnbroker to set up an online service that allows customers to receive cash loans in exchange for their jewellery.

The PremierPawnbroking.co.uk site, which sends back the jewellery once the short-term loan has been paid off, is in addition to the company’s GotGoldGetCash site and is expected to be a success among those in rural areas who are unable to visit a town shop.

The Middlesbrough firm is also continuing with its aggressive expansion plans and has just acquired three new sites North of the border, which are Bathgate, in West Lothian, Paisley and Kirkintilloch, near Glasgow, and now has 46 shops.

It now believes it can grow this to 100 by 2011, and double its 200-strong workforce in the process, as consumers seeking short-term credit continue to be turned away by high street lenders.

The firm’s fortunes over recent years have mirrored the rapid growth of the pawnbroking industry, with the ongoing recession and higher gold prices convincing many to part with their jewellery to help prop up their short-term cash flows.