Ramsdens set to be bought in £206 million deal

A national pawnbroker is set to be snapped up by a US rival in a £206 million deal.

FirstCash has agreed a swoop for Ramsdens.

The agreement will see Nasdaq-listed FirstCash take on Ramsdens’ pawnbroking business, its 170-plus-store estate, a precious metals buying service and a foreign exchange unit.

Ramsdens’ bosses say they are “highly confident” the tie-up will deliver “significant opportunities for further growth”, adding the move is expected to deliver “meaningful cost savings” through consolidation of certain head office and administrative functions.

Under the terms of the deal, Ramsdens shareholders will receive up to 609p per share, with the Stockton-on-Tees-headquartered firm taken off the Alternative Investment Market and moved into US ownership.

Peter Kenyon, chief executive of Ramsdens, whose national shop portfolio stretches from Inverness to Poole, said: “I am exceptionally proud of the group’s transformational growth since our initial public offering in February 2017.

“Less than a decade on, we have added 50 stores to the UK high street, created over 300 jobs and significantly grown pre-tax profit.”

FirstCash operates about 3300 sites across the US, South America and the UK.

Rick Wessel, FirstCash chief executive and board vice-chair, added: “We are excited to add Ramsdens to the global FirstCash family. 

“We have great confidence in Ramsdens' continued success given their proven track record.”

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