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British Pawnbroker Continuing to Expand after Successful Year

By   /   March 9, 2013  /   No Comments

The H&T Group became the first pawnbroker to have a pledgebook that exceeded more than £50 million in 2012.  Retail sales for the pawnbroker were also up with a 1% increase to £20.1 million.  After an impressive 2012, the company plans to focus this year on new business as the gold rush is quieting down.  Year-on-year profits did slip 4.8% by, as was expected, due to the gold market and the cost of the expansions.  The company opened 26 new stores in 2012.  H&T will continue its expansion program into 2013, already opening 6 new stores, however new store openings will be slower.  H&T chief executive John Nicholls said they will “revert to more of a mixture of acquisitions and greenfield sites.”  Of the cash-for-gold boom, Nicholls feels it was a “short-term opportunity rather than a core earnings stream” which is why the company will be focusing alternative revenue streams this year.

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