900 jobs at threat as pawnbroker goes into administration

AROUND 900 jobs are under threat after the second largest pawnbroker in the country filed for administration.

Administrators at PwC have been called in at Albemarle & Bond Holdings, Albemarle & Bond Jewellers & Pawnbrokers and Herbert Brown & Son, which trade as Albemarle Bond and Herbert Brown.

In a statement the administrators said the Wakefield-based firm expanded early last year but had too many underperforming shops and was hit by the decline in gold prices. The management has been seeking a solvent sale for the past six months. PwC is continuing to look for a buyer but said some redundancies may be necessary.

Joint administrator Mike Jervis said: “The group expanded its branch portfolio in the period to early 2013 and ended up with too many underperforming outlets. 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.

“Our priority is to keep all pledged items safe and available for redemption as normal.  We plan to sell all or part of the business to protect as many jobs as possible and we have already paid, or will be paying all staff – including accrued bonuses – as normal in March. Also, all landlords have been paid. However, some redundancies may be necessary depending on the outcome of efforts to sell the business. Every branch will initially remain open as sale discussions progress. This also enables customers to continue to redeem their goods as normal as they pay off their loans.  

“The group and PwC are doing all that they can to support employees through this difficult time and will work with government agencies in order to support anyone affected by potential redundancies.”