Wednesday, January 14, 2009
Can’t get a loan? Want to support local businesses? Try a pawn shop
Yesterday afternoon in West London a young family walked into a newly upholstered high street store and pawned some jewellery in return for a loan to help to pay the rent. H&T pawnbrokers announced yesterday that it would make larger profits than expected. It has grown from 59 stores to 105 in the past four years and will add another 16 outlets to the chain in 2009. John Nichols, chief executive, described the current economic climate as “very good for us”. The Hammersmith branch of H&T feels more like a building society or a bank: upholstered in pine, jewellery hanging on blue velvet beneath glass counters and two booths where engagement rings and watches and family silver may be exchanged as security for a loan at 8 per cent interest per month.