H&T ends talks over Albemarle assets

Pawnbroker H&T has ended talks with the administrators of Albemarle & Bond after expressing an interest in buying some of its stricken rival’s assets.

Albemarle, which was hit by the fall of gold after expanding heavily in 2011, put itself up for sale in December, but was unable to find a buyer and called in administrators from PwC at the end of last month.

The company was founded in 1983 and has 183 stores, employing about 1,000 people.

H&T, which has almost 200 stores, submitted a proposal to PwC last week about buying some of Albemarle’s assets, but today said the talks have ended.

Reports at the weekend claimed former Bank of Scotland chief executive Sir Peter Burt was poised to buy the majority of Albemarle through his Promethean Investments private equity vehicle.

Administrators said yesterday that negotiations with a preferred bidder for the sale of the business as a going concern were at an advanced stage.