logo
Pawnbroker H&T snapped up by US firm in another loss for London Stock Exchange

Pawnbroker H&T snapped up by US firm in another loss for London Stock Exchange

H&T said on Wednesday that it had accepted an offer from Texas-based FirstCash to buy the company for £297 million.
Founded in 1897, the UK's largest pawnbroker has more than 270 shops across England, Scotland and Wales, and has already received several offers from FirstCash.
The most recent represents 661p for each H&T share, representing a 44% premium to the group's closing share price on Tuesday.
H&T chief executive Chris Gillespie said the deal has a 'compelling strategic rationale, bringing together two businesses with complementary offerings'.
'It's clear to us that FirstCash has full appreciation of our capabilities, the dedication of our employees, commitment to the customer and with their backing and support, I am confident H&T will have an extremely bright future.'
The deal will mean another major UK-listed company leaving the London stock exchange (PA)
FirstCash chief executive Rick Wessel said the deal 'provides an entry into a significant new market, which we believe will unlock additional growth opportunities'.
Pawnbrokers are frequently seen as a proxy for how much financial strain households are under.
And H&T has enjoyed a booming trade of late, welcoming record new customer numbers in the final months of last year.
The cost of living crisis, sparked by rampant inflation through 2022 and 2023, has put pressure on consumers, pushing more people to turn to pawnbrokers.
FirstCash has more than 3,000 retail locations, mainly across the US and Latin America, and employs about 18,000 people.
Its acquisition of H&T marks yet another instance of a major UK-listed company leaving the London Stock Exchange, following the likes of tech firm Darktrace and Paddy Power-owner Flutter.
H&T chairman Simon Walker said: 'Following careful consideration, the H&T Directors have unanimously concluded that they intend to recommend this offer, considering it to be in the interests of all our shareholders and wider stakeholders.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Warning over 10% price hike trick when paying by card abroad this summer
Warning over 10% price hike trick when paying by card abroad this summer

The Independent

time30 minutes ago

  • The Independent

Warning over 10% price hike trick when paying by card abroad this summer

Holidaymakers could see costs rise by 10 per cent this summer as 'dynamic currency conversion' (DCC) provides traders with tempting opportunities to profit from people paying with plastic. DCC, also known as 'cardholder preferred currency', has been around for many years. Hotels, restaurants and shops with significant numbers of tourists often provide the option to pay at a fixed conversion rate. The appeal to the traveller is that they will know instantly how much they have spent in sterling. But they are certain to lose out on the transaction. The practice looks harmless: simply an additional choice. When you ask to pay with plastic or a card stored on a mobile phone abroad, the terminal will often display two figures: the bill in euros (EUR) or other local currency, and a figure in pounds (GBP). Some holidaymakers may fondly assume that the sterling amount is the equivalent to the local currency at current exchange rates. In fact, the cost in pounds includes a margin of up to 10 per cent. This is pocketed by the bank, which passes some of the cash back to the merchant. Anyone who avails of dynamic currency conversion is voluntarily accepting a price increase that could add £1 to every £10 spent – a fast way to lose a slice of hard-earned cash. Many holidaymakers know, when asked abroad if they would like to pay a sterling amount rather than the local currency, always to say 'No'. When offering dynamic currency conversion, merchants are supposed to follow strict guidelines: But during the course of a journey through Europe this month, it has become clear that some traders are not playing fair. Once local currency has been selected, that should be the end of it. But some card machines are programmed to come up with another screen, typically reading: 'Do you accept that if you choose not to take advantage of the guaranteed exchange rate, you will be subject to whatever rate the card company uses?' Below it, there is a box marked 'Accept' and another, 'Reject'. Customers who are paying attention will select 'Accept' because they understand that their bank will just use the appropriate prevailing rate – and that it will be better than the DCC deal. But if 'Accept' is selected, it turns out to be applied to a different question, ie 'Do you accept the DCC rate of exchange?' The correct, counter-intuitive answer is 'Reject'. Some proprietors may not even let customers get this far. After a satisfying lunch of dumplings and tea at a restaurant on the Royal Route leading south from the Old Town of Warsaw, the waiter simply selected 'GBP' on the machine, adding 10 per cent to the cost of the meal. When challenged about this scam, he claimed the machine was faulty and that nothing could be done. For holidaymakers withdrawing cash abroad, ATMs generally offer dynamic currency conversion. It should also be declined. The profitability to the bank becomes clear by noting the GBP sum, selecting local currency and afterwards checking the account online to see the actual sum debited by the bank.

Rachel Reeves warned against ‘unacceptable' London snub in spending review
Rachel Reeves warned against ‘unacceptable' London snub in spending review

The Independent

time30 minutes ago

  • The Independent

Rachel Reeves warned against ‘unacceptable' London snub in spending review

London Mayor Sadiq Khan is urging Rachel Reeves to increase funding for London in the upcoming spending review, particularly for transport projects and the Metropolitan Police. Sources close to Khan warn it would be "unacceptable" if London doesn't receive the necessary funds, accusing Reeves of potentially pursuing an "anti-London agenda" similar to previous Conservative governments. City Hall is concerned London may not receive any of the £113 billion unlocked for infrastructure spending, with key priorities including extending the Docklands Light Railway and the Bakerloo underground line. Reeves has indicated a focus on prioritising spending outside of London and the South East, allocating over £15 billion to mayoral authorities in other regions. The spending review is expected to allocate a significant boost to the NHS, with other departments, including the Home Office, facing budget squeezes.

Miliband warned that green tech project faces collapse without £4bn injection
Miliband warned that green tech project faces collapse without £4bn injection

Telegraph

time30 minutes ago

  • Telegraph

Miliband warned that green tech project faces collapse without £4bn injection

A green technology project pioneered by Ed Miliband faces collapse without an additional £4bn in funding, industry chiefs have warned. Olivia Powis, the chief executive of the Carbon Capture and Storage Association, said the fledgling technology must receive support from Rachel Reeves, the Chancellor, at her spending review on Wednesday despite having been recently awarded almost £22bn in public subsidies. It wants the money – funded by consumers and taxpayers – to expand the two carbon-capture projects already approved by Mr Miliband, the Energy Secretary, and to kick-start two more, including one in Scotland. Ms Powis said there was a 'critical need' for further funding commitments from the Government. She warned that, without the extra cash, even the two schemes approved by Mr Miliband may never go ahead. She added: 'The UK supply chain is ready to respond with the skills, innovation and capabilities needed to make UK carbon capture a world-leading industry. 'But continued government commitment and a pipeline of future projects is essential to ensure that domestic suppliers can compete, scale up and create lasting jobs across the country – otherwise we will see investors and this industry go overseas.' Approving the initial £21.7bn last autumn, Ms Reeves described it as a 'game-changing technology [that] will bring 4,000 good jobs and billions of private investment into communities across Merseyside and Teesside'. However, MPs have warned that the technology is 'unproven' and 'high-risk'. Jeremy Pocklington, the permanent secretary at the Department for Energy Security and Net Zero, told the public accounts committee last December that 75pc of the money to fund carbon capture would come from levies on consumer and business energy bills and the rest from taxes. Experts warn that CO2 capture may only be 50 to 60pc efficient, meaning some CO2 still enters the atmosphere. Projects backed by the Government so far include the HyNet scheme in Merseyside and Net Zero Teesside, for which contracts were signed last year. The industry wants cash to expand those projects and add another two: the Acorn project on Scotland's east coast and the Viking project based in the Humber. Mr Powis said: 'We estimate this new industry will create 50,000 new highly skilled jobs and retain another 50,000 jobs in existing industries like steel. 'It will contribute to new industries like sustainable aviation fuels, and generate a cumulative £94bn in value for the economy by 2050.' 'Even the Greens reject it' But Richard Tice, the deputy leader of Reform UK, said the policy would add to consumer bills and do little for the environment. He said: 'We should scrap this technology. This is an outrageous demands for unproven technology that will make zero difference to climate change. Even the Greens reject it.' Carla Denyer MP, co-leader of the Green Party, added: 'Carbon capture and storage (CCS) is being used as green-wash by the fossil fuel industry, allowing them to continue extracting coal, oil and gas. 'This technology is a distraction from what we should be focusing on, namely, boosting renewable energy and storage, energy efficiency and home insulation programmes and working with nature and land managers to capture carbon naturally.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store