US pawnbroking giant strikes Ramsdens deal

NORTH East success story Ramsdens is set to be snapped up by a US pawnbroking giant in a deal worth more than £200m.

- COREENA FORD

Ramsdens - which has its head office in Stockton - announced on the Stock Exchange that it had struck a deal with Chess Bidco Ltd, a subsidiary of Texas pawnbroker FirstCash Holdings, to acquire the North finance firm.

Under the terms, each Ramsdens shareholder will be entitled to a total value of up to 609 pence in cash, made up of 600p per share from Bidco and dividends of up to 9 pence per Ramsdens Share, following the declaration of the interim dividend.

That means Ramsdens shareholders will receive up to £206m in total.

Ramsdens has created hundreds of jobs since its flotation, adding dozens of high street stores to its UK network, right across the UK.

The group - which operates pawnbroking, jewellery and a travel money business - started life in just one shop in Stockton in May 1987.

Ramsdens first floated on the AIM market in 2017 and has grown to operate 175 stores within the UK, including one franchised store, alongside a growing online presence.

Last month the business was named in The Sunday Times latest Best Places to Work list, a survey-led accreditation, in recognition of the positive workplace culture and benefits it offers employees.