Recessionary pain is pawnbroker's gain
Thursday 27 August 2009
Britain may not yet have made it out of recession but at least one industry is booming. Profits at H&T, the country's largest chain of pawnbrokers, were up 52 per cent during the first half of the year, hitting £8.4m.
Yesterday, the company said much of the uplift had come from almost 50 temporary "Gold Bars" it has opened in shopping centres around the country. The shops have enabled cash-strapped consumers to take advantage of a rising gold price, selling H&T their unwanted jewellery to raise money.
The pawnbroker's chief executive, John Nichols, said it was not clear whether the rising interest in selling gold was related to the recession or to people being more aware of opportunities to sell old jewellery.
However, H&T now plans to have as many as 100 Gold Bars open by Christmas and is also expanding its network of traditional stores.
"Hopefully we will be represented in the majority of shopping centres by the end of the year," Mr Nichols said.
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 Ed Sheeran dedicates song to David Cameron
- 4 Now we know whose fault it is if you end up being murdered in Thailand
- 5 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
Amal Alamuddin: Human rights lawyer's legal chambers forced to upgrade website following George Clooney wedding
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...