Albermarle & Bond to create 300 jobs in 2012


Pawnbroking chain will continue to expand with 25 new shops planned.

Pawnbroker Albermarle & Bond (A&B) is planning to open 25 stores in 2012, creating 300 new jobs.

A&B chief executive Barry Stevenson said that the chain’s growth boom has been fuelled by the decline in traditional lending from banks that he claims are "failing to provide people with straightforward and inexpensive ways to borrow".

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The chain already has 169 high street shops and 38 cash-for-gold bars located in shopping centres, but will bolster the business with an additional 25 shops in the new year.

Stevenson said: "With fewer people able to get credit through the banks, pawnbroking has an opportunity to play an increasingly important role in many people’s finances, whether they need some quick cash to get the car through its MOT, or run a business and need some cash to tide them over until a customer pays."

Pawnbroking has been steadily booming in Britain as the recession and rising metals prices have led consumers to sell off unwanted jewellery, and A&B has been cashing in on the phenomenon. The group, which also owns chain Herbert Brown, recently posted profits up 5% to £21 million in the year to June 30.

Tags : Albermarle & BondGoldJewelleryjewelrypawnbrokerRetail
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