Turnaround expert recruited for ailing pawnbroker

Turnaround expert recruited for ailing pawnbroker

Colin Whipp called in to help restructure pawnbroking business Albemarle & Bond

A TURNAROUND SPECIALIST has been flown in to work with struggling pawnbrokers Albermarle & Bond.

Chartered accountant and Institute for Turnaround member Colin Whipp joins as chief restructuring officer. He has held a number of key roles, including several months as interim CFO at Healthcare Locums after the discovery of alleged accounting irregularities.

He joins the board immediately, along with ACCA-qualified new CEO Chris Gillespie. The new chief was due to start in two weeks’ time, but his appointment was accelerated.

The listed pawnbroker was set to break its banking covenants after failing to secure extra funding – with the lenders extending the covenant deadline until the end of the month.

Falling gold prices and more market competition have left it struggling to manage its higher cost base that resulted from its expansion.

Chairman Greville Nicholls said: “In the current environment, Chris’ experience and leadership will be very valuable to the business. The acceleration of his appointment to the CEO role from the previously planned date is in recognition of his energy and enthusiasm to take up the role and the board’s confidence in the difference he can make to the company. We also welcome Colin on his appointment and I am sure that he will be of great assistance to Chris in his new role.”

Its share price fell 0.5p in today’s trading, to 36p – valuing the business at £20m by market share. Its 52-week high is 266p.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource