Company ranked in Sunday Times PwC Profit Track 100 for second time.
Independent UK pawnbroker Ramdens has been named one of the fastest-growing UK companies in terms of profits by the Sunday Times and PwC.
The business made the cut for the second time in The Sunday Times PwC Profit Track 100, which ranks private companies with the fastest-growing profits based on the last three years of available accounts.
The Middlesbrough-based company was listed at number 70 on the national Profit Track 100, following a profits increase of 53.31% over the last three years to £9.6 million in their latest published results.
The company said its success is built on a "strategy of reinvesting the profits made into new branches in new locations", and offering services once only provided by high street banks.
Ramsdens chief executive Peter Kenyon said: “We are delighted to be listed in the Profit Track 100 again. To be listed once is a tremendous achievement but to be listed twice is further acknowledgement of the continued progress the business has made in recent years and recognition for the hardworking staff who give excellent customer service.”
“As a source of finance, pawnbroking has always been popular, both in good and bad times. However, it is often misunderstood by those who don’t use the service."
Kenyon said that Ramsdens aims to do things differently by not offering payday loans but instead services such as travel currency.
He said: “Whilst we may be well known for our jewellery retail and for buying gold, silver and mobile phones, we also have a market-leading currency service and the Ramsdens MasterCard Prepaid Travel Card was recently shortlisted for best new pre-paid card of the year.”
Other businesses listed on the 2013 Profit Track 100 included Aurum, owner of Goldsmiths and Mappin & Webb, which came in at number 38.