Britain’s pawnbrokers are cashing in on prevailing credit crunch in the country. While giant retailers are finding themselves helpless in arresting sharp falls in sales, many household brands are going under administration; pawn broking could successfully insulate itself from credit crunch.

The UK’s largest pawnbroker, Harvey and Thompson, recorded good trading and announced large number of new store openings as clients. High proportions of clients are regular and have been using its services for generations. They continue to surrender valuables for cash loans.

Harvey and Thompson, based in Sutton, Surrey, operates throughout the UK. The company is confident that second-half results would be ahead of expectations.

Opened in 1897 with first store at London’s Vauxhall Bridge Road, it now runs at 105 premises including 16 stores opened last year. H&T provides traditional pawning services by giving loan taking possessions such as jewellery as collateral.

When a customer brings in gold ornament, H&T first tests quality of metal, runs security check to screen out stolen articles and decides tenure of loan which is normally up to 6 months. It lends not more than 80% of the value of collateral. The average loan amount provided by H&T is £120.

It also lends cash advance such as cheque cashing, payday advance loans, prepaid credit card and unsecured lending up to £750 for maximum one year.

According to H&T’s CEO, John Nichols, company’s sales in all business areas grew more than 10%.

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