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(Alliance News) - Pawnbroker H&T Group PLC said Monday it has agreed to acquire 113 pledge books for Speedloan Finance Ltd, also known as Albemarle & Bond for GBP8 million in cash.
The acquisition is expected to take place on Monday next week, with H&T funding the deal through its cash and existing banking facilities.
The acquisition will allow customers to redeem or extend their existing pledges through H&T stores.
Also on Monday, H&T said it has traded well and ahead of management expectations, due to its expanded core business and the recent gold price increase. H&T said that the acquisition of assets from Albemarle & Bond will improve profitability for 2019 as a whole.
"This is an exciting transaction and enables us to cement our position as the UK's leading pawnbroker. Our immediate focus is to do everything we can to support A&B's customers," said H&T Chief Executive John Nichols.
In mid-September, Albemarle & Bond had abruptly ceased trading, blaming significant losses and concerns over Brexit.
"We deeply apologise to customers for any uncertainty and upset caused by our decision to close in the UK. Once we decided to do this, we had to move quickly, in order to secure more than 35,000 customer pledges in our central secure facility. This agreement with H&T is a good outcome for customers and will enable them to redeem or extend their pledges with minimal disruption," said Kohei Ogawa, CEO of Daikouya Holdings, the owner of Speedloan Finance.
Shares in H&T Group closed 1.2% higher at 380.00 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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