Pawnbroker group, Albemarle & Bond and Herbert Brown have announced that they have ceased trading. The group announced on its company website that it will transfer all existing accounts to our Pawnbroking Centre
Albemarle and Bond and Herbert Brown are both part of SpeedLoan Finance. The group has closed all of its 116 stores.
A statement on the National Pawnbrokers Association website from Speedloan Finance said that SpeedLoan Finance decision to downscale its UK operations is a strategic matter for the company. The Association had expressed its concern that the communication of their actions to their customers falls below the standards expected of its members. In particular, it was are most unhappy with the fact that customers cannot get through to the helpline.
The Association says that they have demanded that the management of the company resolves this as a matter of urgency and that as an Association they will do everything in its power to ensure that customers rights are protected and that they are treated fairly and transparently. We have no reason to believe that the customers pledges are at risk and have been assured that they are being safely held at a central location.
Nearly all companies in the UK market are members of the trade body National Pawnbrokers Association (NPA). Most members are experiencing market growth and in fact, the two largest companies have both reported double-digit growth percentages in their latest figures (H&T and Ramsdens). Most pawnbrokers offer a range of services from travel money and money transfer to jewellery sales and gold buying.