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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).

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Thomas Sabo

Fast Facts on
Wedding rings

  • 860 AD:The year Christians started using rings in marriage ceremonies.
  • 4th:The finger the ring is placed on.
  • 2,200BC:The year of the oldest recorded exchange of wedding rings in ancient Egypt.
  • 1854:The year in which the manufacture of 15ct, 12ct and 9ct became legal.

Photo from William Cheshire