Gold rush lift pawnbroker H and T

PAWNBROKING chain H&T today said demand among recession-hit consumers to swap their unwanted gold for cash had more than tripled scrap profits for 2009.
By The Newsroom
Published 22nd Jan 2010, 08:36 BST
Updated 22nd Jan 2010, 09:56 BST

The group - the UK's largest pawnbroker - now expects full-year profits at the top end of forecasts as it reaps the rewards of rocketing gold prices and a burgeoning market to trade in the precious metal.

Its update comes a day after the consumer watchdog launched an investigation of five companies offering cash for gold by post.

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The Office of Fair Trading (OFT) yesterday said it was demanding information from the firms to ensure they are not breaking consumer protection laws.

However, H&T said it was not one of the five firms being investigated.

It offers a postal service, but largely trades its cash for gold across its stores, having recently launched a chain of 56 shopping centre-based "Gold Bars" outlets.