Cash Converters to double UK stores
Pawnbroker Cash Converters plans to double its store portfolio in the next four years.
The 210 store pawnbroker is eyeing 400 outlets, according to the Financial Times.
It is one of the few groups rapidly expanding on the high street. Fellow pawnbrokers Albemarle & Bond and H&T are also hitting the expansion trail as a lack of short term credit is driving consumers to such outlets.
The number of UK customers using Cash Converters cash advance service jumped 36.5% to over 17,500 in its half year to December 31.
The pawnbrokers’ rapid expansion dragged down the Australian-owned company’s half year pre-tax profits which fell 7.5% to AUS$13.2m (£8.9m).