Britain’s second-biggest chain of pawnbrokers has been given a three-month reprieve by its lenders to patch up its overstretched finances.
Albemarle & Bond, which includes branches of Herbert Brown in Bradford and Keighley, has seen profits hammered by the slumping price of gold, said its banks have agreed to defer a covenant test on its £50 million debt pile until February 3.
The group said it “continues to explore all options to maximise value for all stakeholders”, Albemarle has been slashing costs, including closing 33 pop-up gold-buying stores from its 230-store estate, and new boss Chris Gillespie said he is considering turnaround options to improve trading.
Mr Gillespie, who joined recently from Bradford-based Provident Financial, said its stores have been running on an “as usual” basis while he considers the company’s future.
The group said it plans to update on its plans “as soon as is practicable”, followed by the release of its 2013 results.
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