Member Article

Businesses turning to Ramsdens for short-term finance

With banks unwilling or unable to help, small local businesses are increasingly turning to a long-established Hartlepool pawnbroking store to help them with short-term cash issues.

Pawnbroking loans to small businesses are driving new business for the Ramsdens store in York Road’s Jubilee House as businessmen look for an easy-access alternative to the bank.

At a time when many high street stores are struggling, Ramsdens stores are thriving across the country as the business with the Teesside headquarters expands across the north-east, Yorkshire, Scotland and Wales.

And, while Ramsdens’ broad range of financial services are proving attractive, it is its traditional pawnbroking service that is becoming increasingly popular with local business owners in need of a short-term loan.

Hartlepool branch manager Margaret Bazeley said: “We’re increasingly finding that small local businesses are turning to pawnbroking when cash is tight and they have bills to pay.

“Pawnbroking is a popular and great way to solve a short-term cash shortage. A customer brings in an item of value – we’ve recently had a Rolex watch and spectacular diamond ring brought to us – and gets a loan based on the value of the object.

“Like a bank loan, the customer is charged interest. Ramsdens offer Pawnbroking Loans from as little as 2.5% depending on the loan value. Once the loan is repaid, the item is returned to the customer. We have a number of customers who utilise our service on a regular basis.”

Originally based on Young Street and then the High Street before moving to York Road eight years ago, the Hartlepool branch is one of the longest established of Ramsdens’ network of 125 stores including more than 20 in the north-east.

Apart from a two-year spell in Peterlee, former bank worker Margaret has seen many changes since joining the branch in 1999 and she believes it is Ramsdens’ broad range of financial services that are helping to buck the trend of failing high street businesses.

In addition to being pawnbrokers and jewellers, Ramsdens buy gold , silver and mobile phones, offer cheque cashing and personal loans and operate a best price guaranteed policy on commission-free foreign currency.

“Ramsdens is a household name that our customers know and trust,” said Margaret. “Customer service and a wide range of services are key to our success.’’

Headquartered on Teesside, Ramsdens are the UK’s largest independent pawnbrokers, having increased their branch network from 39 in 2009 to their present total. Nationally, they employ more than 500 staff, with plans to double in size over the next three to five years, opening a further 100 branches and creating another 400 jobs.

The company’s 2011 turnover of £51m saw them ranked as the only North-East-headquartered company listed in The Sunday Times Virgin Fast Track 100 in recognition of an annual sales growth of 65% over a three-year period.

This was posted in Bdaily's Members' News section by Dave Allan Communications .