Pledge lending at record level for pawnbrokers
Pawnbroking group H&T says demand for pledge lending remains at record levels.
The UK's largest pawnbokers, which has shops across the Black Country, said gross lending grew 22 per cent to £128 million in the six months to the end of June.
It will announce its full results for the period on August 8.
The exceptional level of redemptions experienced in late April and early May did not continue. Following strong growth, particularly in May and June, the pledge book was around £113m at the end of June from £100.7m in December.
H&T said demand for high quality new and pre-owned jewellery and watches continued to rise, with sales by value up around 10 per cent year on year.
Foreign exchange transaction volumes were up 19 per cent year on year and are at record levels, with momentum building.
Chief executive Chris Gillespie said; "I am very pleased with the progress we have made in the first half of 2023 in an environment of rising interest rates and persistent inflation. I am particularly encouraged by the growing momentum with which we enter the busy second half of the year. I am looking forward to updating the market when we report on August 8."
