Britain's biggest pawnbroker set for £300m takeover by US rival amid gold price warning
The London-listed group, which has seen profits buoyed in recent times by a tough consumer environment, has rejected three offers from FirstCash since December.
But the group said on Wednesday it would recommend the 661p per-share cash offer to investors.
Headquartered in Fort Worth, Texas, FirstCash operates more than 3,000 retail pawn and consumer lending locations across the US and Latin America.
It has pursued a strategy of aggressive expansion, having opened or acquired 1,365 pawn stores since 2017.
FirstCash's takeover bid, which partly comprises 11p per H&T share final dividend, was at a premium of 44 per cent of H&T's closing price on Tuesday.
H&T shares soared almost 40 per cent in early trading to 640.2p, having added more than 80 per cent since the start of 2025.
The group saw double-digit profit growth last year as it benefited from 'the need for small sum, short-term lending continues to grow given macroeconomic conditions', H&T told shareholders in March.
H&T, which has 285 stores, also recently announced plans to expand its footprint in new locations and acquire existing independent pawnbroking sites.
Pawnbrokers, such as rival Ramsdens, have benefited from the soaring price of gold', which is the best performing asset class this year.
H&T said any 'significant adverse movement in the gold price from the recent historic highs… could impact the business'.
Gold is up more than 22 per cent since the start of the year and around 40 per cent over the last 12 months at $3,237.50'oz.
H&T added: 'The uncertain macroeconomic and fiscal outlook for the UK is expected to benefit the H&T Group's pawnbroking activities, but there is a risk of adverse impact on retail and travel money revenue streams.'
Its board also believes the offer represents a lucrative opportunity for shareholders while providing the firm with the 'support and backing of a large, well-resourced and well-capitalised, international platform' that significantly improves the strategic positioning of H&T in its marketplace
Chris Gillespie, chief executive, added: 'The acquisition has a compelling strategic rationale, bringing together two businesses with complementary offerings focussed on the values and benefits of their customers.'
FirstCash boss Rick L. Wessel said: 'This strategic transaction provides an entry into a significant new market, which we believe will unlock additional growth opportunities for FirstCash.
'We have great confidence in H&T's continued success, given their proven track record, coupled with their experienced management and operations team.'
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