Pawnbroker adds staff as gold price boosts trade

PAWNBROKING chain Albemarle & Bond yesterday unveiled a raft of appointments as it readies its management team for expansion.

The group has taken on five new managers to help lead a push to take advantage of a recent revival in demand on the back of soaring gold prices.

Albemarle said the business had continued to perform well in the second half of its financial year so far, with the pledge book in its core pawnbroking arm – accounting for 60 per cent of profits – seeing about 10 per cent growth year-on-year.

The company is opening a swathe of new stores under its Cheque & Pawn and Herbert Brown brands to capitalise on the surge in pawnbroking trade, with 15 stores in the year to 30 June and a further 25 shops in the new financial year.

Albemarle – which has seven Cheque & Pawn shops and one Herbert Brown store in Scotland – also recently completed a pilot for nine temporary shops dedicated to buying gold and said it would open a further six after the trials made "excellent returns and short paybacks".

These temporary stores are typically located in shopping malls, on flexible three to six month leases.

Pawnbroking services have been in high demand amid soaring gold prices, which have raced to record levels above $1,200 an ounce as nervous investors piled into the precious metal since the financial crisis struck.