Pawnbroker Albemarle & Bond set to open more stores

Pawnbroker Albemarle & Bond today said it was poised to step up expansion plans as a deepening recession takes its toll on other sectors.

The firm currently has 114 stores but has been previously hampered by a lack of available space on the high street.

But it said it was well-placed to gain from the woes of retail and property firms as more and more businesses go under.

"The company believes it can now step up the number of store openings to take advantage of this market opportunity," it said.

The firm - founded in Bristol in 1986 - said the credit squeeze among mainstream lenders and strong gold prices made for a "favourable environment".

A&B said trading was further helped by an "excellent" performance from pawnbroker Herbert Brown, which it bought in July 2007.

The firm pushed up pre-tax profits 19 per cent to £6.2 million in the six months to December 31 and also cheered shareholders with a dividend hike.

Its pawn book grew to £27 million at the end of 2008 - 18 per cent ahead of the previous year. A&B lends against jewellery, with the majority of its customers borrowing an average £120 and repaying within three months.