Cash Converters, a leading UK chain of pawnbrokers, has announced the opening of its 200th UK store in Goole, Yorkshire; and is targeting a chain of 250 stores by mid 2012.
Expansion follows a period of sustained growth and recruitment of new franchisees across the Cash Converters network, the company said.
According to the company, its approach to the high street ensures customers, across all demographics, are able to visit a local store and buy a good quality item or make instant cash during tough economic times.
The opening of the 200th store in the UK comes six months after the opening of the 600th Cash Converters store worldwide.
David Patrick, chief executive of Cash Converters, said: “We have a great network of franchise stores and our corporate store presence is continuing to grow. We currently have 67 franchisees on board, many of who have multiple stores after experiencing great success with their first venture.”
Cash Converters was launched in Australia in 1984 and is now represented in 21 countries worldwide.
Patrick said: “Cash Converters has seen double figure percentage increases for the last eight years, and a noticeable acceleration in growth during the last three years. Our sharp looking stores, modern retailing practices, professional management techniques and high ethical standards which are present in all Cash Converters stores set us apart from the competition and ensure that we remain number one in the UK.”
The new store in Goole, a corporately operated store, has created six new jobs in the town.
Sean McTaggart, new store development manager, said: “I’m sure this new store will be a resounding success. At Cash Converters nothing is left to chance, there is a robust system of training, procedures and support in place to support our managers and the team. As well as a recognised high street retailer, we offer peace of mind and fair prices for both buyers and sellers so everyone can benefit.”
Patrick said: “This is a very exciting time to be involved with the company, our recent investment of almost £1m in a new TV advertising campaign has meant further support for our franchisees. We have an ambitious company ethos with a strong global vision. People from all walks of life are recognising the benefits of the wide range of services on offer including, pawnbroking, spread the cost, buys, buybacks and selling helping us to retain our number one position.”