Revenue tops £50 million for rapidly expanding pawnbroking multiple.
The combination of economic austerity and soaring gold prices has driven turnover for Britain’s biggest independent pawnbroker above £50 million for the first time.
The family-owned Ramsdens jeweller and pawnbroker, headquartered in Middlesbrough, saw revenue soar to £54 million in 2011, a 52% rise over 2010.
The company had grown its chain to 92 stores by the end of 2011, and plans to keep expanding this year, according to its chief executive Peter Kenyon. “We are not far off opening our 100th branch and that will soon be followed by many more in our key customer areas of North-east England, South Wales and Scotland,” he said in an interview with local newspaper The Journal.
Kenyon puts the success of its pawnbroking business down to the simple way it helps households raise cash. “People are attracted by the fact that it is a way of borrowing money that they are in control of, it’s quick and easy. And they get their jewellery back,” he said.