H&T Group secures £25 million of new financing for expansion; acquires Maxcroft Securities
February 22, 2024 at 10:32 am EST
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H&T Group PLC CEO Chris Gillespie joined Proactive's Stephen Gunnion with news that the UK's largest pawnbroker has secured £25 million in additional finance from Pricoa Private Capital, part of PGIM Inc. He said funding provides substantial financial headroom for the company's future growth, including the expansion of its pledge book and investment in its store estate.
Gillespie highlighted the current high demand for small-sum credit amidst constrained supply, indicating strong lending volumes and growth opportunities for the company.
Additionally, H&T Group announced the acquisition of assets from Maxcroft Securities, an Essex-based pawnbroking business catering to a different demographic, typically lending larger sums to business professionals. This acquisition is expected to complement H&T's existing portfolio and offer opportunities for further expansion within its customer base.
Gillespie emphasised the potential for growth and the company's strategic plans for controlled expansion and leveraging the additional financial headroom for 2024 and beyond.
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H&T Group plc is a United Kingdom-based non-trading holding company. The principal activities of the Company and its subsidiaries include pawnbroking, gold purchasing, retail of new and pre-owned jewelry and watches, cheque cashing, unsecured lending, and other related services operated through Harvey & Thompson Limited. Its segments include pawnbroking, gold purchasing, retail, pawnbroking scrap, personal loans, foreign exchange and other services. The pawnbroking segment is engaged in providing secured loans against collateral (the pledge). Its gold purchasing segment is engaged in buying jewelry directly from customers through its stores. The retail segment is engaged in retail sales of primarily gold, jewelry and watches, and the retail sales are forfeited items from the pawnbroking pledge book or refurbished items from its gold purchasing operations. Its pawnbroking scrap segment consists of gold scrap sales of its inventory assets other than those reported within gold purchasing.
H&T GROUP PLC 
