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 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 2 Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
- 3 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 4 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
- 5 Kenya bus attack: Al-Shabaab militants kill 28 non-Muslims who failed to recite Koran
Ryan Gosling granted temporary restraining order against a woman 'convinced she was his twin flame'
Jennifer Lawrence sings in new The Hunger Games: Mockingjay Pt 1 clip on YouTube
Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
Woman opens professional cuddling shop – gets 10,000 customers in first week
Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Revealed: How the world gets rich – from privatising British public services
Myleene Klass: Ed Miliband 'strikes back' by comparing UK's need for Labour's mansion tax to Hear'Say track
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...