Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

H&T Group acquires pledge book from Maxcroft Securities

(Sharecast News) - British pawnbroker H&T Group said on Wednesday that it had acquired certain assets from Essex-based business Maxcroft Securities for a total of £11.3m in cash. H&T said the main asset being acquired from Maxcroft was its pawnbroking pledge book, amounting to roughly £6.1m at the time of acquisition, inclusive of interest accrued and after required IFRS 9 provisions.

The AIM-listed group stated the underlying nature of the acquired pledge book's collateral items was aligned with that of its existing pawnbroking business and consists primarily of gold, jewellery, and watches, with a similar asset mix.

H&T also announced £25.0m of additional financing to support the future growth of the business, from Pricoa Private Capital, the private capital arm of PGIM. It said the additional funding will enable future growth in its pledge book, as well as investment in its store portfolio.

Chief executive Chris Gillespie said: "We are very pleased to be able to announce these two transactions, both of which underline the group's focus on growing and broadening its core pawnbroking business and investment in the store estate.

"We are also delighted to have further diversified and enhanced the group's funding arrangements through the relationship with Pricoa. We look forward to updating the market further on the 12th March, when we announce our results for the year ended 31st December 2023."

As of 1020 GMT, H&T shares were up 2.70% at 380.0p.

Reporting by Iain Gilbert at Sharecast.com

Share this article

Related Sharecast Articles

Billionaire Issa nearing deal to sell Asda stake to TDR Capital - report
(Sharecast News) - US private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
Billionaire Issa nearing deal to sell Asda stake to TDR Capital
(Sharecast News) - Private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
DS Smith tumbles as Mondi abandons pursuit
(Sharecast News) - DS Smith tanked on Friday after Mondi said it would not be making an offer for the rival packaging group, clearing the path for a takeover by International Paper.
Eqtec agrees amendment to Verde subscription
(Sharecast News) - Waste-to-energy technology developer Eqtec updated the market on the Verde Corporation subscription on Friday, confirming that an amendment to the subscription letter had been agreed upon with Verde.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.