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Pawnbroker Ablemarle & Bond Herbert Brown ceases trading

Nearly 400 jobs are at risk after pawnbroker group Ablemarle & Bond Herbert Brown announced is has ceased trading.

In a statement on its website, the company told customers, who pawn items for short-term cash, that their items would be held at its pawnbroking centre for the duration of their loan.

 

While it gave details on how customers can retrieve their items or receive funds for items sold for a surplus, it did not give any detail on the future of its 116 stores across the UK.

 

“If you do not redeem your loan on the agreed date your pledged item(s) may be sold in accordance with your pawnbroking agreement,” the company said.

 

“If your item is sold for a surplus, we will write to inform you how you can receive these funds.”

Ablemarle & Bond Herbert Brown’s struggles follow the collapse of Instant Cash Loans, which owned The Money Shop, in June.

 

It is owned by Speedloan Finance, which, according to its most recent filings with Companies House, had a loan book of £14.4m in the year to March 31, 2018 and revenues of £34m. Both were down from the previous year when the loan book stood at £15.2m and overall revenues were £38m.

 

Its ultimate owner is a Japanese company, Daikokuya Holdings, which is listed on the Tokyo stock exchange and also has a pawnbroking business in Japan.

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