Cash Converters Opens Doors to 700th Store Worldwide

Cash Converters International has opened its 700th store worldwide in Jarrow, Tyne and Wear, 20 years since the first store hit the UK.

The UK subsidiary of the global leading international retailer of pre-owned goods and financial services provider has also confirmed that continued growth is expected throughout the UK during 2013.

The 2000 sq ft store in Jarrow is the 223rd store to have been opened in the UK, store franchisee David Thomson is the successful owner of seven other Cash Converters stores in the North East and Scotland.

The 700th store opening happening in the UK further demonstrates the retailer’s credibility and growth in the market place. Cash Converters’ heritage and loyal customer base continues to help attract new franchisees to the business model as well as providing multiple site owners with further opportunity to expand.

The new store will offer the full suite of services including the retail core business and fast growing personal finance products. David Thomson commented: “I am so proud to be the franchisee that opens the 700th store worldwide, it is a great acclaim. I have stores in Newcastle, Byker, Wallsend, Glasgow, Gateshead, Consett and Motherwell and hope that the Jarrow addition to my portfolio will provide further opportunities for growth.”

David, who recently won Cash Converters franchisee of the year award, has made an investment of £250,000, in the Jarrow store creating six new jobs. Since last year the rapid store opening programme has created almost 150 new jobs across the UK.

Chief executive David Patrick said: “Our continued success is down to healthy investment in the brand and its services, our staff and franchisees, as well as maximising modern retail techniques and keeping on top of an ever changing retail landscape.”

David continued: “Cash Converters is an ambitious company with a strong vision right across the world. We are proud to have been able to open the 700th worldwide store here in the UK. It really is testament to the success of the brand and reflects the popularity and wide range of services on offer from financial services, pawnbroking and Laybys, to Buybacks.

“Next year we are anticipating further growth in the number of both corporately owned and franchise owned stores.”

Cash Converters has transformed the concept of buying and selling pre-owned goods. Since being launched in Australia in 1984 the company has grown enormously, reporting a record profit result of AUD$29.4 million for the 2012 financial year, an increase of 6.2% over the previous year.