Ramsdens acquires stores, loan book from Instant Cash Loans
Source - SMW
Financial services provider and jewellery retailer Ramsdens said it had acquired four stores currently trading as The Money Shop and 12 loan books from Instant Cash Loans for £0.5m.
The consideration would be satisfied in cash and included the acquisition of a £0.3m pawnbroking loan book.
The acquired stores would be re-branded as Ramsdens over the coming weeks.
The company said it anticipated that there would be a small contribution to pre-tax profit in the 2020 financial yera, as it invested in integration costs, including relating to refits, rebranding, training and IT integration.
It was expected that the acquisition would contribute about £0.3m to pre-ta profit in the 2021 financial year.
'Following our successful acquisition in March, I'm delighted to announce this acquisition which supports our growth plans,' chief executive Peter Kenyon said.
'We have a proven track record of effectively integrating and improving the performance of acquired stores as we continue to capitalise on growth opportunities available to the group as a leading operator in a highly fragmented market.'