Latest news with #pawnbroker
Sky News
14-07-2025
- Business
- Sky News
'I can lend someone £100k in an hour': The life of a pawnbroker
If you've ever spent your morning commute daydreaming about starting afresh with your career, this feature is for you. Each week, our Money team speaks to someone from a different profession to discover what it's really like. Today, we chat to James Constantinou, owner of pawnbroker chain Prestige Pawn. You can't train for it… I was born into wheeling and dealing, buying and selling, so I picked it up from experience. It's something that I love doing, and there's not a course for it. If we're talking about my employees, they are all highly skilled individuals who have trained and become experts in their fields. We have around 60 experts who all excel in a range of specialisms - such as gemologists or art. My skills lie in pulling them together and keeping the work going. Those in their specialised fields will have degrees, diplomas and have studied for years. They can look at the fake Rolexes from today and compare them to the real ones from 10 to 15 years ago - there's almost no comparison. It's really difficult to tell the difference between fake and the real deal in some circumstances. People think my job is lots of TV, helicopters, boats and aeroplanes… But the day-to-day running of the business isn't always like that. There are the normal headaches of staffing rates, leaky air con units and floods - and all other things that go alongside. It's not quite as glamorous as how it's portrayed. It's a misconception to say we charge high and unfair interest rates… The monthly rate starts at 2%, and I don't advise people to take a pawnbroking loan out for a year or two - we only offer up to seven months, and most of our customers redeem in around three. You can't go into the high street and borrow £100,000 within an hour... but in one of my stores, you can, so it's quite rewarding to help people when they need it. When you are approached by someone who needs cash for something urgent and has been to the banks to borrow and denied, and then you're able to step in a way that other lenders aren't able to. There is no typical day… Today I'm at home because we have someone here doing some work, but I'm still on the phone. I've got an E-type Jag appraisal and a cherished number plate, so I'm helping the team. There are guys at Gracechurch Street dealing with some bullion at the moment, so I'm helping with that. Between the team, I'm helping us get deals across the line and closing them. I am interested in items worth £50 to £1m… It's not all about the money. I believe you need more of a passion rather than a skill to do the job well. A normal starting salary in this industry… is around £30,000. The best perk is… getting to see all the amazing assets that come in and drive the fancy cars. I've loved meeting all the fantastic people along the way, too. From where I came from and especially since I left school, I never in a million years thought I would be in this position. Opening the doors to our business in May 2009 was a big moment, and then… Our first customer walked through the door and we jumped out of our seats like "Oh God, someone's actually noticed us!" Two of us ran to the counter to serve him, and he said, "Oh sorry, I thought this was a hairdresser's." We had to point him next door. I make mistakes weekly… If you don't make mistakes, then you don't learn. In the past, we've bought watches and pieces of art that have turned out not to be genuine. That was early doors, so those items wouldn't get us today. As a fledgling business, you're going to make mistakes. It was a hard lesson to learn, but a journey we had to go through. We don't touch stolen goods… This is another misconception that maybe occurred in the 1940s or 50s when the industry wasn't as regulated. I'd say a pawnbroker is one of the last places you'd take stolen goods to. I'm not saying it's never happened in 15 years of trading, but when it has, very early on, those items have ended up in the hands of the police. When people come in, they are recorded, we take copies of their passport and driving licences and ask to see proof of purchase. We're also members of associations where, if a luxury item gets stolen, it gets reported. For example, if a Rolex gets stolen, it gets put on the stolen watch register. The first thing we do before purchasing is check all of these databases to make sure the assets aren't stolen. We are only custodians of goods, we rarely own them… Only about 20% of the items stay with us the full seven months and end up going to market. For those sold, we only look to recoup the money owed to us. Any overage we may receive is returned to the client. This surprises a lot of people, even those with contracts worded as such. We don't often turn people down… and leave them walking away with nothing. Most things have a value of sorts. We usually present figures to people, and I'd say that half or maybe 60% of them are accepted. Sometimes it's not the number they want to hear. Most of the time it's about managing some customers' expectations of their item's worth, especially with the reality of being in a time of economic downturn. Luxury goods are not as buoyant as they were four or five years ago. A man came in recently with a one-off hand-built trike that he bought for £100,000, but it was too specialist for us, and the market was very limited. We let him know that it wasn't one for us. People often think they can make money from royal memorabilia... Limited-edition royal memorabilia from 150 years ago can be worth a lot. But a mass-produced King Charles mug hidden in a cupboard for ten years is worthless. But gold is the opposite… It is a brilliant investment and considered bricks and mortar. But in recent years, we've been seeing massive hikes in its prices and worth - a 66% increase in the past three years. Gold makes a great investment for people with spare money who are looking for higher returns. A diamond bulldog keyring is one of my favourite items... One of the first things that came into the store in 2009 caught my eye. It was a bulldog keyring made of 18-carat gold and a diamond-studded collar. The bulldog was stood on his back legs and is now sitting on my keys. I loved the workmanship and thought it was an unusual item, which is why I've still got it on my keyring now. I get many people commenting about it. It's not worth a great deal, but it is sentimental to me. I don't plan on retiring… I don't want to only have the options to sit at home or play golf. I like to get up in the morning and have a purpose. Even if I'm not going into the office, I'm up at 6/6:30am every day. I tend to work 24 hours and sometimes even sleep dreaming about work and deals. I'm constantly connected and always getting messages on WhatsApp throughout the day. Some of the team go home and message me in the evenings and we'll have a conversation at whatever time because they're just as dedicated and passionate as I am. There's not a time I switch off - unless on holiday.
Daily Mail
04-06-2025
- Business
- Daily Mail
Soaring gold price boosts pawnbroker Ramsdens as people clear out their jewellery boxes
The price of gold hitting about $3,500 in April has bolstered profits at pawnbroker Ramsdens as people clear out their jewellery boxes. The chain, which has 169 UK stores, reported a surge in income from its precious metals service and jewellery shop. Pre-tax profits rose 54 per cent year-on-year to a record £6.1million in the half-year to the end of March. Total revenue rose 18 per cent to £51.6million with proceeds from precious metals up by nearly a third. Ramsdens buys unwanted jewellery and then either sells it in stores or to a bullion dealer.
Daily Mail
18-05-2025
- Business
- Daily Mail
These four British stocks are glaringly undervalued - investors should act now to reap the benefits: MIDAS SHARE TIPS
Just four weeks ago Midas recommended pawnbroker H&T. At £3.82, the shares seemed too cheap, given recent trading, future prospects and market conditions. Midas was not alone in spotting H&T's potential. Last Wednesday, Texas-based pawn giant FirstCash unveiled a £297 million bid for the company, valuing each share at £6.50. Recommended by H&T's board, the move means investors will have made a 70 per cent return in less than a month.
Times
14-05-2025
- Business
- Times
Pawnbroker H&T snapped up by US rival in £300m deal
The directors of Britain's biggest pawnbroker chain have recommended a £297 million offer by an American rival in another blow to the London stock market. H&T and Texas-based FirstCash, which has been stalking the company since December with three previous proposals, have agreed terms on a final all-cash offer of 661p a share. The offer represents a 44 per cent premium to the stock's closing price of 458p on Tuesday. The bid works out as 650p in cash for each H&T share and a final dividend of 11p, which is to be paid on June 27. H&T's shares jumped 183½p, or 40.1 per cent, to a record high of 641¾p in morning trading. Rich L Wessel, chief executive of FirstCash, which operates more than 3,000
Daily Mail
14-05-2025
- Business
- Daily Mail
Britain's biggest pawnbroker set for £300m takeover by US rival amid gold price warning
H&T is set to be acquired by a US industry giant in a deal valuing Britain's biggest pawnbroker at almost £300million. 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.'
