Albemarle & Bond bought out of administration by investment group
16-Apr-2014There is finally a bit of good news for the UK pawnbroker as it’s been bought out of administration, saving over 600 jobs.
An investment group, led by Promethean Investments, has bought 128 stores, leaving the remaining 59 stores with administrators PwC. Former Chief Executive of the Bank of Scotland, Sir Peter Burt, heads the Promethean investment fund and will be appointing Stephan Plowman as the new Chief Executive of Albemarle & Bond.
Joint administrator, Mike Jarvis, said, "The deal announced today was the best offer received, preserving the most jobs and keeping the most stores open”.
The remaining branches will likely be closed, however it is assumed that staff will be transferred to other stores.
Due to the fall in gold prices and difficult trading conditions, the pawnbroker fell into administration at the end of March as it was unable to pay its outstanding debt of £51 million. There were a number of interested parties, including pawnbroker, H&T, however no offers were suitable. This acquisition marks a turnaround for the business and hopefully a new start.