Tuesday, 23rd November 2004 (4810 views)

UK pawnbroker and jeweller Ramsdens, based in Stockton, has revealed it has secured new investment which could help it increase turnover to £8 million.

The £100,000 investment has helped to expand the business and allowed the firm to set up a new outlet - the third one this year, according to the Teeside Evening Gazette.

Peter Kenyon, operations director, said: "The industry is growing and we have looked at our business and want to create more of a high street presence.

"We are nowhere near the 1950s image of pawn broking and only lend on gold jewellery and quality watches. The company will carry out further expansion by opening five more branches in the north-east over the next two years."

The company has been in business since 1987 and it moved into franchising ten years ago.

Stores sell a host of jewellery as well as offering financial services.

 

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