Member Article

Wakefield pawnbrokers suffer significant losses as gold price falls

Wakefield’s Albemarle & Bond have reported losses of just over £10 million for the year to June 2013.

The losses have been attributed to the falling price of gold as the firm have also been affected by the decline of gold in circulation and increased competition.

The AIM listed company was put up for sale last week according to the Telegraph, as it neared the limit of its £53.3 million debt facilities, reaching £50.1 million in debt.

There have been a number of board changes since the end of their financial year in June.

Greville Nicholls, non executive Chairman of Albemarle & Bond said: “The Group’s financial year ended 30 June 2013 was a particularly challenging one for pawnbroking and gold buying markets in which it operates. We were disappointed that the extent of the fall in the gold price added an additional and unexpected challenge for the business.

“Tough trading conditions have continued to impact our results in the new financial year, but we are managing within our current banking facilities.

“A formal sale process for the business was commenced earlier this week, and although we have received expressions of interest there can be no certainty that an offer will be made. Further announcements will be made as and when appropriate.”

This was posted in Bdaily's Members' News section by Clare Burnett .