Saturday, September 15, 2012

Another pawnbroker for the high street


The inside of the old Halifax is being fitted out. Staff in Greggs next door and street traders say it's going to be Cash Converters. But grocer Ralph says, "Get it right, it's Cash Generator."

Not much difference, really. They both sell second hand goods that have been bought from the public for less than half their real value, (although they regard themselves as the high street equivalent of eBay). They both offer payday loans, cash advances, short term personal loans and pawnbroking services. They offer a quick way to raise cash and, as Ralph says, "It's better than a bookies, innit."

So, what'll the shark tally be in the south end of high street now?
Betting shops 5, Pawnbrokers 5.

But Cash Generator does not consider itself a pawnbroker – 'pawnbroking' presently accounts for only one per cent of its business (though it might be said that most pawnbrokers' business is now PayDay Loans anyway). They claim their core retail activity is buying and selling second hand mostly electrical and entertainment goods such as TVs, laptops, mobiles and cameras. Their 2009 gross profit was £30m and they plan to open 50 new stores a year (with a potential 500 locations earmarked across the UK) to compete with their obvious competitors, Cash Converters. They are owned by US company Axcess Financial, whilst another US company EZCorp owns Abermarle & Bond and Cash Converters.

Betfred's move to take over these premises was thwarted by the Government Planning Inspector, who saw fit to alter the planning class of this particular unit (A2 Financial Use) to exclude betting shops. However, pawnbrokers fall within two planning classes – Retail and Financial, so can pretty much open anywhere. We can't find any planning applications for signage for this address, but expect something gaudy which, (like Abermarle & Bond, Paddy Power, Poundland et al) they probably won't even bother to get permission for.


19 comments:

  1. I doubt it will be either of them (cash generator or converters) as they both already have shops in Halifax

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    1. are you joking

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    2. Looks like the first customer is already waiting to sell his bike lol!

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  2. Why is this such a big issue? A decade ago every second shop was selling sportswear and trainers, a few years later it was mobile phone shops - stores open where there is a demand. At the moment the demand is to raise cash or buy cheap stuff hence the growth of pawn shops and discount retailers such as pound shops .... Better to have tenants paying rent and rates than more empty shops.

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    1. Better to have American Finance companies battling it out in our high streets ripping off poor people, fine.

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    2. Big issue? We can spot a shark from miles.

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    3. Big issue spotted by industry troll, paid to defend the business.

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    4. Sue I work for the local council - and if you do the math which I do - less shops paying rates = more council tax for everyone else. Simples. I am neither for or against pawn or betting shops - what I am against is paying more council tax.

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    5. So because a dare to voice an opinion you don't agree with I'm a troll? Does that make you Stalin?

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  3. @Anon One, that's what the builders told Ralph.
    @Anon Two, the street is already joking about finding their stolen goods in the shop window.

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  4. If they did white goods like washing machines, fridges or cookers they might be performing a useful service. The rest is just fencing.

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    1. agree, not performing useful service.

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  5. as someone who works for cash generator you idiots who say that all they buy is stolen goods, have you ever took 2 seconds to think about it and realise that the only people who lose out in buying stolen goods is cash generator, the junkie thief has got his £100 for selling it, when the police come and get it the owner gets the item back, the thief gets a slap on the wrists and doesnt have to repay the £100 so cash generator are out of cash and goods. the last thing we want is to buy stolen goods , thats why people have to provide id and have their photos taken when they sell to us!

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  6. Going to a pawn shop is a way to save money. Pawn shops get things for less because they’re buying them from individuals and prices are typically 70 percent cheaper than retail. Gold says items priced $1,000 at the mall would usually be around $250 to $300 in a pawn shop, so always be prepared with research of comparative retail prices.

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  7. Hilarious. You should have welcomed Betfred. At least they are regulated and the bookies licence would have meant the police would have had comeback. Let it be a lesson - you cannot control market forces...

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  8. The Gambling Commission and the local authority were not doing much 'regulating' when Paddy Power staff in Deptford High Street were not only (allegedly) caught allowing drug dealing on the premises but actually dealing drugs themselves. Paddy Power's license was not withdrawn.

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  9. Yet another solid metal shutter
    Yet another backlit sign
    Yet another infringement that will get ignored sending out yet another message that no one cares.

    This is happening almost weekly!

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    1. Yet another 8 jobs created
      Yet another vacant shop let
      Yet more rates being paid which goes into improving local services

      I wish it was happening weekly as the economy would be in far better shape.

      Please stop spouting rubbish!

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