Albemarle & Bond plans to roll out 25 new branches
Wednesday 28 December 2011
Pawnbroker Albemarle & Bond plans to open 25 new stores in 2012 as it takes advantage of the difficult economic climate and banks tightening their lending criteria.
The store openings will focus on traditional pawnbroking services and on outlets that buy gold from the public. Up to 300 jobs could be created as result of the expansion programme.
Subdued high street rents are allowing firms like Albemarle to open new sites. Barry Stevenson, chief executive, said: "Since the recession, retail rates for high-street locations have finally returned to a sensible level, which allows us to be where our services are needed.
"However, compared to places like the US, the pawnbroking market here is still drastically underserved. We intend to address that through our expansion into new locations and by developing new channels to help people access our services more easily".
And it seems that pawnbrokers as well as the new breed of payday loan firms are continuing to fill the void left by banks, cautious over whom they lend money to.
"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," Mr Stevenson added.
Have shock jocks gone too far after Rush Limbaugh called Sandra Fluke a slut?
Former Google exec says he has 100,000 emails showing how 'immoral' company avoids paying UK tax
British business: We need to stay in the European Union - or risk losing up to £92bn a year
World news in pictures
British father faces charges after confessing to slitting his two children's throats in Lyon flat
- 1 Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
- 2 British business: We need to stay in the European Union - or risk losing up to £92bn a year
- 3 The moral case on tax avoidance is overwhelming - and we all know Google wants to do the right thing
- 4 Sam Wallace: The second coming of Jose Mourinho at Chelsea will be a reunion that can only end in tears
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£500 per day: Orgtel: A top tier banking client urgently requires Finance Gove...
£500 - £680 per day: Orgtel: Quantitative Risk Analyst, Front Office/Risk Bank...
£55000 - £60000 per annum + Benefits + Pension: Orgtel: Quantitative Analyst, ...
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...