RCM Weekly review - September 2019 - Week 37
This week: John Lewis posts a £25.9m loss for the first half of the year citing ongoing concerns over Brexit as major factor and one of the UK's largest pawnbrokers has ceased trading.
13th September 2019
One of the UK's largest pawnbrokers, Albemarle & Bond have ceased trading
A&B Pawnbrokers (Albemarle & Bond) and Herbert Brown stores have announced that they have ceased trading. The company had previously gone into administration back in 2014 and the company’s owner, Speedloan Finance has yet to clarify whether they intend to keep any of the 116 stores operating.
The pawnbrokers' trade body, the National Pawnbrokers Association (NPA) hit out at the firm's poor communications commenting, "Their decision to downscale UK operations is a strategic matter for the company but expressed concern that the communication of their actions to their customers falls below the standards expected of its members,"
The Albermarle & Bond website currently says, “We would like to inform you that Albemarle & Bond/ Herbert Brown at this store has ceased trading. We will transfer all existing accounts to our Pawnbroking Centre. Your pledged item(s) will be held securely in our Pawnbroking Centre for the duration of the loan. If your items are expired or due to expired, please note we will not take any action with your items until we speak to you. If you do not redeem your loan on the agreed date your pledged item(s) may be sold in accordance with your Pawnbroking agreement. If your item is sold for a surplus, we will write to inform you how you can receive these funds.”
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12th September 2019
John Lewis posts a £25.9m loss for the first half of the year citing ongoing concerns over Brexit as major factor
Falling sales and rising costs have pused John Lewis into a £25.9m loss in the first half of its financial year. They have also warned that Brexit will continue to hold back consumers.
Sir Charlie Mayfield, Partner and Chairman of the John Lewis Partnership, commented, “The re-drawing of the UK retail landscape continues apace. While trading conditions have continued to be difficult, we have accelerated our differentiation strategy and significantly strengthened our balance sheet.” Looking ahead Sir Charlie commented “Brexit continues to weigh on consumer sentiment at a crucial time for the sector as we enter the peak trading period, If Britain leaves the EU without a deal, the impact will be even larger and the retailer will not be able to soften the blow, despite preparations such as stockpiling“
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