MIDAS SHARE TIPS UPDATE: Pawnbroker H&T’s Bright Prospects
Watching brief: H&T is the largest pawnbroker in the UK
In 1897, Walter Harvey and Charles Thompson opened a pawnbroking store in Vauxhall, South-West London. Today, H&T is the largest pawnbroker in the UK, with 273 outlets and a thriving jewelry business too.
Last week, chief executive Chris Gillespie unveiled a 31% increase in pre-tax profits to £8.8 million for the six months to June 30 and expressed confidence in the future, with a 30% rise in the interim dividend to 6.5p.
Pawnbroking was once considered a rather shady business, with poorly lit shops charging exorbitant rates to hapless customers. H&T strives to suppress that kind of image. Stores are bright, staff are friendly, and interest rates range from 2% to 10% a month.
Most loans are for around £200 and repaid within three months, with customers ranging from individuals to small business owners.
Customer numbers are rising. Many households are struggling to make ends meet. Few firms are willing to lend small sums of money to hard-pressed consumers, and some people actively prefer to use
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
