Ramsdens ups presence in Scotland

Ramsdens, the gold, jewellery and travel money business, has ramped up its presence in Scotland following the acquisition of 18 stores trading as The Money Shop.

Peter Kenyon, chief executive of Ramsdens - 'value-enhancing acquisition'. Picture: Contributed

Most of the branches are located in Scotland – two in Aberdeen, and one each in Inverness, Paisley, Wishaw, Greenock – and the north-west of England.

Under the seven-figure deal, the 18 acquired sites will be rebranded as Ramsdens in the coming weeks and will incorporate the “full breadth of the group’s customer proposition”.

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Ramsdens will acquire the pawnbroking loan books of the 18 stores and of five other The Money Shop outlets which are set to close.

The group said the deal supported its stated growth strategy of expanding its reach in the UK market and enabled it to “leverage the significant investments made in recent years in its brand, IT systems and people”.

Through the acquisition, Ramsdens is also taking on about 70 additional staff.

Peter Kenyon, chief executive of Ramsdens, said: “We are delighted to announce this value-enhancing acquisition and welcome our new colleagues and customers to Ramsdens.

“This acquisition further expands the reach of the Ramsdens brand and our trusted offering across communities in the UK and demonstrates the significant growth opportunities available to the group in the fragmented UK market.

“Ramsdens has a proven track record of acquiring stores and quickly integrating them into the group and we will now prioritise our resources on these acquired stores. We are confident that this acquisition will deliver value for the group’s shareholders as well as the local communities where they operate.”

Headquartered in Middlesbrough, the group operates from 140 stores within the UK.