Albemarle & Bond shaken after four non-executive directors resign

Four directors have resigned from the board of pawnbroker Albemarle & Bond as the company teeters on the brink of collapse.

The non-executives, Robin Ashton, Tracey Graham, Sterling Brinkley and Tom Roberts, would only cite “personal issues” for leaving the company, according to sources at Albemarle.

However, Brinkley is chairman of Albemarle’s biggest shareholder, EZCORP, and Roberts also sits on the US rival pawnbroker’s board, leading to suggestions that the company wants to sell down its 29 per cent stake or work on a possible takeover.

Relations between Albemarle and EZCORP have been frayed recently when the shareholder refused to back a £35 million rights issue, which led to frantic negotiations with lenders to avoid administration.

The latest fallout at the company comes a week after bosses admitted they had started melting down and selling its own gold stocks in order to boost the books and avoid breaching strict covenants with its lenders.

The City is still waiting for the company to publish its full year results, which were due in October but have since been delayed as a major restructuring takes place including the closure of all but two of its pop-up stores and ending new payday loans.

If the result are delayed by more than six months the shares will be suspended.

None of the directors could be reached for comment.