BusinessBusiness RecoveryPwC administrators called to listed pawnbroker

PwC administrators called to listed pawnbroker

Decline in gold prices sees UK’s second largest pawnbroker Albermarle & Bond call in four PwC administrators

PWC ADMINISTRATORS have been called to listed pawnbroker Albermarle & Bond.

Michael Jervis (pictured), Peter Dickens, Toby Underwood and Stuart Maddison, all from PwC, were appointed joint administrators to the company which has 183 branches and employs nearly 900 staff.

Albermarle & Bond is the second-largest pawnbroker in the UK. The administrators said that 40 of the group’s pop-up branches were closed in 2013, as the price of golf slumped.

“The group expanded its branch portfolio in the period to early 2013 and ended up with too many underperforming outlets,” Jervis, partner at PwC, said. 

“It then explored a rights issue to raise funds, before attempting a solvent sales process. Together, these efforts lasted more than six months. Despite this history many different parts of the group, and large swathes of its shops, remain profitable.” 

On 24 March, the company announced that its lending banks were unable to support a management turnaround plan and that there was no “realistic prospect” of any value to the ordinary shares. The company suspended its shares from trading on AIM on 24 March.

Following the appointment of administrators the financial adviser, nominated adviser and broker Canaccord Genuity stepped down from the business. If Albermarle & Bond fails to appoint a nominated adviser within a month its admission to AIM will be cancelled.

The administrators said that they would keep items customers had pawned safe and available for redemption as normal and that they planned to sell parts or all of the business.

All staff and landlords have been paid with all branches to remain open. However, the administrators wouldn’t rule out future redundancies or staff closures.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

1y Stephanie Wix, Writer
SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

1y Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Johnston Carmichael appointed as joint administrators for Axon Well

Accounting Firms Johnston Carmichael appointed as joint administrators for Axon Well

1y Stephanie Wix, Writer