Pawnbrokers And Cheque Cashing Business Etablished 12 Years For Sale

Business description

Advent Business Sales are pleased to offer to the market this very well established Pawn Brokers and cheque cashers, which has been trading successfully for the past 12 years.

The current vendor has been in constant ownership and is reluctantly selling due to a strong desire to retire.

The business is a traditional Pawn Broker in most ways but generally only accepts gold, musical instruments, and almost new ‘named’ electronic goods as pledges.

Loans are given against gold, silver, other precious metals and jewellery at metal base value only.

Pledges are taken for a 6 month period only at a rate of 8% per month; these can be extended for a further 6 months by paying off the first 6 months interest. Buy backs are also offered on shorter term loans, at a higher rate of interest.

Cheques can be cashed at a rate of 4.9% gross netting 3.9%, with 1% going to the National Pawn Brokers association (NPA), who process the cheques. The company also cashes ‘delayed presentation’ cheques at a rate of 10%, per 28 days as well as this Western Union money transfer is also offered.

Secured business loans are also offered at 8% per month, set up fees are sometimes required, especially if solicitors are involved.

Small amounts of bought in jewellery is also on offer to the general public.

The company acts within the Consumer Credit Act and also operates under MLR (money laundering regulations).

The company has a customer base extending some 30 miles radius of its base, has a website, advertises in Yellow Pages and reports that it is has enjoyed a 15% increase in activity since the beginning of the ‘credit crunch’.

In co-operation, the police regularly give the company security checks, and a good relationship with the local police has been achieved.

Stock: Pledges 0 – 7 mths old £19,707
Cheques (PDA) £30,760

The owner will give any new owner full training and as much help as is reasonable over an agreed period.
– an opportunity not to be overlooked.
REF: 9088NN

Property information

Property:

Leasehold

Lease terms:

TENURE: Leasehold
Original lease: Negotiable
Rent: £10,000 per annum inclusive of rates

Location:

Our clients business is conveniently located on a major road by an industrial estate, in a very secure building with customer car parking, just outside a major North Northamptonshire town. Due to the dramatic industrial change in the area, it could not be better sited for its services.

The town is accessed by the A43, which joins the A14 link road from the M1 motorway to the M11 motorway. It has a large mix of both council and private residential properties and has been in receipt of very large regeneration funds.

Premises details:

The business is in a building containing more than one commercial activity.

The entrance is on the ground floor leading up to the first floor and consists of a secure shop area and back office.

A public area with 2 doorways, one at each end of the room.

A long display and 2 position counter area, which is fully alarmed with bullet proof glass screens. At one end of this is a secure door to the rear of the counter. The counter area includes a secure electronic transfer hatch.

Behind the screening are 2 positions each with their own computer terminal and VDU
To the rear of this is a screen behind which pledges and cheques are processed. To the left is a doorway to the office, a steel barred doorway to safe and pledge room. In this room is a sizeable safe for gold and cheques/cash. The interior has been compartmentalised into separate lockable draws each holding specific number of pledges, numbered accordingly.

All windows are steel guarded and all doors steel with re-inforced hinged mountings.

The whole business is CCTV monitored and has full Red Care Alarms.

Other information

Trading hours:

Mon-Fri: 9am – 5.30pm
Sat: 9.30am – 12.30pm

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