Pawnbroker Albemarle & Bond keen to exploit Britain in recession
Soon, the highstreets of Britain will have 25 new Albemarle & Bond pawnbrokers on them in a clear sign that the public aren't dealing with this recession at all. With banks not helping anyone out, it appears that people are selling their possessions to get through it.
One slightly more cheerful element to this is that the opening of these outlets will create around 300 jobs.
Barry Stevenson chief executive, noting the subdued rents on the highstreet, said: "Since the recession, retail rates for highstreet locations have finally returned to a sensible level, which allows us to be where our services are needed."
"However, compared to places like the US, the pawnbroking market here is still drastically underserved. We intend to address that through our expansion into new locations and by developing new channels to help people access our services more easily".
This, combined with gold buyers and the new crop of payday loan firms are stepping in where the banks are failing.
"With fewer people able to get credit through the banks, pawnbroking has an opportunity to play an increasingly important role in many people's finances, whether they need some quick cash to get the car through its MOT, or run a business and need some cash to tide them over until a customer pays," Mr Stevenson added.