Cash Converters UK Boosts International Success

Cash Converters International Ltd has announced 2010 as its most successful financial year in the company’s 24 year history, largely thanks to the growth of its UK operations, Cash Converters UK Ltd.

The Australian based, second hand goods and financial services provider has reported a record profit result of AUD$21.6 million for the year ended 30 June, up 34.2% on the previous year. Cash Converters UK Ltd has seen store numbers increase by a record 21 to 157 during this period.

The Company owned store strategy has gained momentum with the acquisition this year of 13 franchised stores, four in the UK and nine in Australia. In addition five new Company owned stores were opened in the UK, taking total corporate store numbers to 58. At least 12 new Company owned stores are planned for the UK in 2011.

David Patrick, chief executive of Cash Converters UK, said: “Our continued store growth reflects the popularity of the range of services, from financial services, pawnbroking and laybys, to buybacks, that Cash Converters is able to provide.

“As traditional forms of borrowing are becoming less widely available, people from all walks of life are realising the benefits of the various services offered by Cash Converters to meet short term financial requirements. The extension of our financial service offering, with the launch of cash advance and personal loans products in the UK in October 2009 has been a strong factor in these results, alongside store openings and acquisitions. We are currently implementing a franchisee recruitment drive to ensure continued store growth with plans for 200 stores open by June 2011.”

Cash Converters is the UK’s number one retailer buying and selling pre-owned goods and a financial services provider.