Pawnbroker lifted by gold rush

Reading-based Albemarle & Bond, which has 174 stores and around 40 gold-buying pop-up shops, said its area of the market, which also includes payday loans, had been helped by the volatile and tough economic climate.

Albemarle, which has offered gold-buying services alongside traditional pawnbroking since 2009, said the gold-buying division saw an 88 per cent surge in gross profits to £12m as volumes bought increased by 57 per cent in the six months to December 31.

The wider group saw pre-tax profits increase 12 per cent to £12.1m, as the gold-buying division was also helped by the strong price of gold, which broke the 1,900 US dollars an ounce barrier last September and is currently at 1,740 US dollars