Cash Converters Reports Success After The British Franchise Exhibition
The UK’s number one high street retailer of pre-owned goods and financial services provider, Cash Converters, returned to the British Franchise Exhibition in Manchester in June, which proved to be a triumph with an impressive number of new leads.
Cash Converters, which celebrates its 20th year in the UK this year, has grown exponentially with over 660 stores in 21 countries worldwide and almost 220 in the UK, confirming the position as the UK’s number one. The retailer is enjoying a period of rapid growth with multi-site and new franchisee take up and is on track to reach its 250th store in the next six months.
Since its launch in Australia in 1984, the company has become the largest of its kind in the world. One of the most dynamic franchisees in this expanding business is Marc Warner.
Marc is the franchisee of the Cash Converters store in Penge and has brought with him a wealth of experience from the world of marketing and sales promotion having graduated from Edinburgh University in 2001 with a degree in Business and Marketing management. Roles in sales promotion and experiential marketing for various London agencies followed before Marc decided to pursue his dream of running his own business.
Marc commented: “I always wanted to have my own business; an investment which would be sustainable in the long term with multiple income streams. Cash Converters offered an exciting opportunity to use my experience in a fast growing and robust business model.”
Marc received extensive support and encouragement from fellow franchisees, Cash Converters head office and the training team, who have all helped make the process of setting up his first store much easier.
He added: “There is a period of rigorous training for all new franchisees, who benefit from the knowledge of those who have gone through this process before. I spent a great deal of time with some of the most experienced franchisees in the business and the sharing of best practice has enabled me to avoid many potential pitfalls.
“It’s crucial to take the time to visit stores before making a decision. I would encourage potential franchisees to come and take a look at the business day-to-day for themselves and to carry out full due diligence.”
With plans for another store in London in the next couple of years, Marc is set to take an important role in growing the UK store count aspart of the national Cash Converters’ network. He stresses the importance of getting the first store established before taking the next step.
“It’s important as a franchisee that you concentrate on maximising the profit potential and establish first class standards of operation and customer satisfaction before you decide to open more stores.
“Cash Converters UK continues to invest in the right people to take the business forward and we offer a range of products and services which appeal to all demographics. Customer perceptions of the business are changing and this has resulted in customers coming through our doors who would never have seen us as a leading high street retailer five years ago.”
One of the most comprehensive training programmes in the industry is available to all Cash Converters franchisees. Investment opportunities start at £80,000 - £125,000, plus financing where security is available. As a member of the franchisee network, franchisees receive ongoing support and advice, including choosing the perfect location, to recruiting staff, marketing support and purchasing initial stock.
David Patrick, Chief Executive at Cash Converters, concluded: “The wide range of services on offer in store, including our range of extremely popular personal finance products, reinforces Cash Converters position as a leading high street retailer which responds to the needs of its customers. This is certainly a great time to become part of one of the fastest growing retail businesses in the world.”