Cash Converters acquires 28 pawn books from The Money Shop

Second hand retailer, Cash Converters, has acquired pawnbroking loan books from The Money Shop, after the instant cash loan company closed a selection of branches across the UK.

As part of the deal, Cash Converters have acquired 28 books, which span the breadth of the UK. Nine franchisees have taken control of the secured loans within the books, with customers now able to redeem their items at local Cash Converters.

The move is part of the second and retailer’s growth strategy, which will see it opening 50 stores over the next five years.

Tony Richardson, managing director at Cash Converters, said: “It’s an incredibly exciting time at Cash Converters, as both our online and high street offering continues to go from strength to strength.

“The acquisition of these loan books will contribute to our larger company objective, which focuses on bringing customers into store and making their experience with us as simple, clear and transparent as possible. We want former customers of The Money Shop to now put their trust in our brand and come back and use us time and time again.

“We are confident that this acquisition will deliver value for our franchisees, as well as the local communities where the pawnbroking loan books have been obtained.”