7th Apr 2014 08:35
LONDON (Alliance News) - Pawnbroker H&T Group PLC Monday confirmed that it has made a proposal to the administrators of Albemarle & Bond Holdings PLC to buy some of its former rival's assets.
In a statement, H&T said it was responding to press speculation about Albemarle & Bond's potential sale out of administration.
Albemarle & Bond ended up in administration late last month after its lenders withdrew all support for a potential turnaround of the business. That marked the end of a tumultuous few months which had included the pawnbroker smelting down jewelry to try and raise funds to save itself after running into financial difficulties when the gold price fell sharply in the first half of last year.
H&T was also hit hard by the downturn in the gold market. In February, the company said its pretax profit fell significantly in 2013 on reduced volumes of gold in circulation and the share fall in the gold price, as it lowered its dividend.
At that time it had predicted that 2014 would be a year of consolidation and rationalisation in the pawnbroking industry.
H&T shares were down 0.6% at 180 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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