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Ramsdens announces plan to double in size
PAWNBROKER Ramsdens has announced plans to double in size over the next five years after securing £15m bank funding.
Having achieved a 50m turnover in 2011 - a year-on-year growth of 52 per cent - the Middlesbrough-based firm, which employs about 400 staff, will use the financing to open another 100 branches, creating 400 jobs.
Ramsdens branches have increased in number from 26 at the end of 2008 to a total of 106, with more due to open across the UK before the end of October.
Founded in the 1950s, the family-owned business has seen its pawnbroking service become more popular as consumers turn to it for
a short-term cash boost. It also offers gold-buying and currency exchange.
Andy Blain, HSBC Senior Corporate Banking Manager, Yorkshire and North East Corporate Banking, said: "Ramsdens have proved themselves to be among the market leaders in their industry, and have achieved consistently exceptional results in recent years.
"We are delighted to be associated with such a successful business, and to provide Ramsdens with the financial support it requires to continue on its growth strategy in the period ahead."
Ramsdens are sponsors of the Scottish Challenge Cup and its hometown
football club, Middlesbrough FC.