Ramsdens performs strongly

Ramsdens, the gold, jewellery and travel money business with a strong presence in Scotland, has hailed solid trading despite what it described as a “challenging retail environment”.

The firm also pointed to progress with the integration of 18 stores it acquired at the start of last month from Instant Cash Loans that had been trading as The Money Shop.

Ramsdens has 156 stores across the UK, including about 50 north of the Border.

In a trading update, it told investors: “The board is pleased to report that the group has continued to trade well and in line with the board’s initial expectations for the year.

“This performance again reflects the strength of the group’s diversified business model with growth across the four key income streams of foreign currency, pawnbroking, jewellery retailing and the purchase of precious metals.

“The [recent] acquisition is further expanding the reach of the Ramsdens brand and our trusted offering across communities in the UK and demonstrates the growth opportunities available to the group in the fragmented UK market.”

Chief executive Peter Kenyon added: “This has been another good year for Ramsdens, reflecting the strengths of our trusted brand and diversified business model.

“Our business has been tested in a challenging retail environment, an exceptional hot summer in the UK and a continued backdrop of Brexit uncertainty, and I am delighted to report that we have achieved our targets despite these challenges.”

Under March’s seven-figure deal, the 18 acquired sites are being rebranded as Ramsdens and will incorporate the “full breadthofthegroup’scustomer proposition”.

Ramsdens also acquired the pawnbroking loan books of the 18 stores and of five other The Money Shop outlets which are closing.