Success of pawnbroker 'suggests recession is far from over'

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Success of pawnbroker 'suggests recession is far from over'

Tue 26th May 2009

The announcement that Albemarle & Bond, a British pawnbroker, is to expand the number of stores it runs in the country is an indication that people are still struggling financially.

This is according to David Kuo, director at The Motley Fool, which is part of Fool.co.uk, who says that this growth indicates that the recession is far from over.

He points out that Albemarle & Bond "expects profits to be ahead of expectations thanks to the higher price of gold that has boosted the return on unredeemed loans".

Mr Kuo also said that the recession is proving to be a positive occurrence for the firm, as well as for "eagle-eyed investors that benefitted from today's eight per cent jump in the company's shares."

Albemarle & Bond was founded in 1983 in Bristol and primarily deals in loaning money against the security of diamonds and gold jewellery.

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