H&T Group secures £25 million of new financing for expansion; acquires Maxcroft Securities
London, UK
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February 22, 2024 10:31 AM Eastern Standard Time
H&T Group PLC CEO Chris Gillespie joined Proactive's Stephen Gunnion with news that the UK's largest pawnbroker has secured £25 million in additional finance from Pricoa Private Capital, part of PGIM Inc. He said funding provides substantial financial headroom for the company's future growth, including the expansion of its pledge book and investment in its store estate.
Gillespie highlighted the current high demand for small-sum credit amidst constrained supply, indicating strong lending volumes and growth opportunities for the company.
Additionally, H&T Group announced the acquisition of assets from Maxcroft Securities, an Essex-based pawnbroking business catering to a different demographic, typically lending larger sums to business professionals. This acquisition is expected to complement H&T's existing portfolio and offer opportunities for further expansion within its customer base.
Gillespie emphasised the potential for growth and the company's strategic plans for controlled expansion and leveraging the additional financial headroom for 2024 and beyond.
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