Pawn firm goes online after recent sucesses

Sep 3 2009 by Chris Knox, The Journal

Recent figures from the UK’s largest pawnbroker H&T revealed that its pre-tax profits, before exceptional items, jumped 52% to £8.4m in the six months to June 30 as gold sales exceeded expectations.

Similarly, Ramsdens said that it had managed to double its turnover to £30m this year and expects similar sales growth over the next two years.

Its chief executive Peter Kenyon also believes that the firm will be able to continue its growth once the recession has ended thanks to changing attitudes towards the industry.

He said: “Although many people would say that we are riding a wave created by the recession, I believe we have made a number of changes that will ensure that we remain popular.

“Through the websites that we have created and our friendly and helpful customer service, we are ensuring that people no longer look at pawnbrokers as Dickensian institutions.

“They provide a real alternative to those seeking short term finance, and more people are beginning to realise how safe and simple our service is.”

Founded in Middlesbrough in the 1950s, Ramsdens was founded by Herbert Smith, father of the current chairman, Stewart Smith, and has shops spanning from Sheffield to Aberdeen.

Mr Kenyon added: “The services we offer – from pawnbroking to gold buying, foreign currency to cheque cashing – are very popular with the local community and they have welcomed us with open arms.

“We operate services that our customers can trust and are now looking and other ways to expand the business as a result.”