Foreign Currency Loans Pawnbrokers Business For Sale

Business description

A very successful well established finance business comprising secured & unsecured short term loans, foreign currency and cheque cashing for sale. Substantial profits & negligable debts.
Situated in an unrivalled position and devoid of competition; expanding population, no corporation tax, long serving experienced staff.
This is a business that can be run by existing staff or by new owners who wish to live in a pleasant location.
Vendor emigrating, cash or alternative serious proposals considered

Franchise terms

N/A

Property information

Property:

Leasehold

Lease terms:

Low Rent & Rates £12500 in total. Lease about 5yrs to run. Renewable with review.

Living accommodation:

N/A

Location:

Prime position in business and banking area with heavy foot fall.

Other information

Expansion potential:

This business has an excellent reputation for honest fair trade and has never been subject of any adverse publicity or criticism.
Rates for loans have been retained at modest levels for 6 years.
Foreign curency department has grown and continues to do so, and is now the largest on the Island.Success of the enterprise. Could be enhanced by opening a another branch in Ramsey and the introduction of Cash transfer agency such as Western Union.

There is a need to cater for the growing number of guest workers and non UK residents who are underserved by current banking conditions. There is scope for an increase in rates which have stayed the same for 6 yearsand are now 5%/ month behind similar lending in the UK. A recent opportunity for both secured and unsecured lending has presented itself, due to the closure of two international banking groups that were formally active in this area.
Due to the stricter regulations concerning debtors, the bad debt book is tiny and delinquent loans can be recovered more easy.
There are merits in considering starting an Money Transfer Service
for amounts of £2000 upwards.

Competition / Market:

The business is well established over 8 yrs and has no competition. It is the only Pawnbroker and the largest currency dealer on the Island holding as it does stocks of major currencies. It is the only outlet for the encashment of third party cheques and payday advances.

Support & training:

Full training given

Reasons for selling:

The major shareholder is semi retired and lives abroad and has other business interests. A Sale of all or part of the business would be considered.

Trading hours:

9.30-17.00 Hrs Mon-Fri Sat 9.30-1500Hrs

Financing available:

Part finance of up to 50% considered.

Furniture / Fixtures value:

£20,000 (included in the asking price)

Inventory / Stock value:

£200,000