Tue, 03 Dec 2013 | BUSINESS SALE
Pawnbroker Albemarle & Bond, the second largest business of its kind in the UK, has announced that its business is for sale.
The business has issued a statement claiming that the sale is "in the best interests of shareholders", although it was unable to provide any certainty about whether or not any offers would be made.
The news comes just days after Albemarle & Bond revealed that it had started to melt its own gold reserves in order to raise emergency financing. The company has also been struggling to manage the impact of five of its non-executive directors resigning with immediate effect. Chairman Greville Nicholls is now the only non-executive with the firm.
A sharp decline in the price of gold has hit the pawnbroker hard. The price has fallen by more than a quarter this year, prompting the business to start melting down any items of gold that were not likely to sell before Christmas in order to deliver an immediate cash hit.
Canaccord Genuity is advising on the sale of the business, which will allow any bids to be made in secret.
Albemarle & Bond was founded in 1983 with the launch of just one shop. It soon expanded in to a chain, allowing people to cash in their gold while prices were high.
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