#Cash Converters Celebrates 600 Stores Open Worldwide

Cash Converters International Ltd has opened its 600th store worldwide in Sidcup, Kent. The UK arm of the international retailer of pre-owned goods and financial services provider, has also confirmed today that it is on track to exceed its 2010 target of opening 25 new stores within the year; 33 stores will have actually opened in 2010 by the end of this month.

The fact that the 600th store opening takes place in the UK further confirms Cash Converters UK Ltd as the leading player within the market place and puts the retailer in a strong position for continued growth in 2011. David Patrick, chief executive of Cash Converters UK, puts this success down to healthy investment in both the brand and its services, as well as maximising modern retail techniques and keeping on top of an ever changing retail landscape.

The new 1,300 sq. ft., store in Sidcup, operated by franchisees Paul Saunders and Paul Brisenden, will see an investment of £250,000 and has created three new jobs in the Kent town. In total 168 jobs have been created in the UK this year as a result of the new Cash Converters store openings.

David Patrick said: “Cash Converters is an ambitious company with a strong vision right across the World. We are proud to have been able to open the 600th worldwide store here in the UK. It really is testament to the success of the brand building work that we have done and reflects positively the popularity and wide range of services from financial services, pawnbroking and Laybys, to Buybacks that we provide.

“Next year we are anticipating further growth in the number of both corporately owned and franchise owned stores and aim to hit the 200th UK store opening in the spring. There are currently 174 stores across the UK, 40 of which are corporately owned. We aim to have a further 20 corporate stores open by the end of 2011.”

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$21.6 million for the year ended 30 June, up 34.2% on the previous year. Cash Converters International Ltd 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 extension of the 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.

David Patrick added: “This resale revolution is underpinned by modern retailing practices, professional management techniques and high ethical standards which are present in all Cash Converters stores.”