Goodwins Antiques, which set up in the city in 1957, has secured a six-figure loan from Clydesdale Bank to expand its jewellery repairs and precious-metal trading services amid rising customer demand.
Despite a recent profit warning from listed pawnbroker Albemarle & Bond, which has suffered a “significant” drop in earnings from its gold-buying business, Goodwins’ managing director Ben Goodwin said the firm was keen to grow this area of its business, although it would remain an antiques dealer at heart.
He said: “When money is tight people tend to review their assets. As a result we’ve noticed an increase in customers selling gold and silver they no longer want and fixing the things they want to keep.
“Given the potential for growing aspects of our business, we decided to seek a new funding partner that would help us make the most of what we’ve got.”
The firm employs 12 people in its shops on Rose Street and Queensferry Street. Billy MacLeod, head of business development for Clydesdale Bank in the east of Scotland, said: “Since it was founded more than 50 years ago, Goodwins Antiques has become an Edinburgh institution. Like other retail businesses, however, it has faced challenging trading conditions over the past few years. With our help, the firm plans to grow the most profitable parts of the business.”