Please visit https://www.companyrescue.co.uk/ for confidential help and insolvency advice or email keiths@ksagroup.co.uk

Wednesday, 16 April 2014

Albemarle & Bond bought out of administration

The UK pawnbroker has been bought by former Chief Executive of the Bank of Scotland, Sir Peter Burt, as part of an investment group, led by Promethean Investments.

PwC have been handling the administration of the PLC since the end of March, when lenders could no longer back the business and the pawnbroker admitted it couldn't pay the £51 million debt owed.

Over 600 jobs have been rescued with the take over of 128 branches. The remaining 59 stores will likely close, leaving 181 jobs at risk. However it has been suggested staff will be transferred to the other stores.

Joint administrator, Mike Jarvis, commented "The deal announced today was the best offer received, preserving the most jobs and keeping the most stores open. All 120,000 pledged items remain safe and available for the customers to redeem".

Overall, good news for Albemarle & Bond. With the recent struggle and fall in gold prices, perhaps it's best they now refocus on pawnbroking and steer clear of buying and selling gold.

No comments :

Post a Comment

Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

Web Analytics