Fears for treasured items as pawnbroker goes bust
APAWNBROKER has gone bust leaving customers fearing they will lose treasured items.
Albemarle & Bond, which had its Rochdale branch on Yorkshire Street, posted a message on its website last week confirming it has ceased trading.
All existing accounts from A&B/Herbert Brown have been transferred to its Pawnbroking Centre.
The message says all pledged items will be held securely for the duration of the loan, but if they are not redeemed by the agreed date they may be sold as per the pawnbroking agreement.
However, customers from across their 116 stores in the country say the phone number listed on the website is not in service and the email address doesn’t work either.
Peter Ramsbottom, 52, is one of many customers left fearing for some gold he pawned at the shop just a few months ago.
He said: “I got a letter just over a week ago and they gave me a phone number but it’s constantly engaged.
“It was open last week but I have been down today and it’s just closed.”
The College Bank resident estimates he has £700 worth of gold that he now can’t get a hold of.
There are some gold rings, necklaces and a signet ring that belonged to his father - which is “more important than all the money”.
He added: “I paid half back and I was hoping to pay the rest but by the time I got to the shop all the gold has been sent to the head office.
“It’s doing my head in because it said the phone lines are open from 9 to 4 but I try and ring but it just goes to an answering machine.
“It must be happening to everybody in Rochdale.
“Everybody has been a little bit short at one time or another so sold some gold.”
Peter said he tries calling the number at least a dozen times every day - and almost 100 times in total.
Albemarle and Bond has been struggling financially for a number of years. In 2014, it went into administration, but was rescued by investors after a £10m buyout in 2016.
The National Pawnbrokers Association have confirmed the closure of a number of Albemarle and Bond stores across the country.
They have provided contact details which customers can call if they are unhappy with how the issue is handled by the company.
A spokesperson from the National Pawnbrokers Association said: “Speedloan Finance which trades as A&B Pawnbrokers (Albemarle & Bond) and Herbert and Brown has closed a number of stores.
“Their decision to downscale UK operations is a strategic matter for the company, but the National Pawnbrokers’ Association (NPA) has expressed its concern that the communication of their actions to their customers falls below the standards expected of its members.
“In particular we are most unhappy with the fact that customers cannot get through to the helpline.”
They added: “We have demanded that the management of the company resolve this as a matter of urgency and the Association will do everything in its power to ensure that customers’ rights are protected and that they are treated fairly and transparently.
“We have no reason to believe that the customers’ pledges are at risk and have been assured that they are being safely held at a central location.”
Affected customers are advised to contact Albemarle and Bond on 01865 798114, the Financial Ombudsman Service to complain on 020 7964 1001 or the FCA customer helpline on 0800 111 6768.