Albemarle & Bond seeks buyer as non-exec directors step down
Pawnbroker Albemarle & Bond has announced that it is seeking a sale of the business following the resignation of five non-executive directors.
The company confirmed yesterday that it had begun a formal sale process. The news follows the announcements made earlier in the day that non-executive directors Geoff Brady, Robin Ashton, Tracey Graham, Sterling Brinkley and Tom Roberts had stood down with immediate effect.
The sales process is being conducted by financial advisers Canaccord Genuity although Albemarle & Bond said that there was no certainty an offer would be made for the business.
In a statement, the company said that seeking a sale of the business would be in the best interests of shareholders.
Never Miss a Retail Update!Last week, Albemarle & Bond issued its second profit warning as it reported that its trading environment had remained challenging with no signs of recovery in the key trading metrics of pawnbroking advances or gold buying.
The company said its pledge book had declined by 12% year-on-year as of 23 November 2013 and that advances had continued to come under pressure from a competitive market and a falling gold price.
