Ramsdens has acquired The Money Shop for £1.5m.
The financial services provider and jewellery retailer announced the acquisition of the business and certain operating assets of a portfolio of 18 stores from Instant Cash Loans Limited this morning.
The purchase price includes circa £400,000 of goodwill and around £1.1m of assets.
Ramsdens will acquire the pawnbroking loan books of the 18 stores and of five other The Money Shop stores which are to close.
Peter Kenyon, CEO of Ramsdens, said: “We are delighted to announce this value-enhancing acquisition and welcome our new colleagues and customers to Ramsdens. This acquisition further expands the reach of the Ramsdens brand and our trusted offering across communities in the UK and demonstrates the significant growth opportunities available to the Group in the fragmented UK market.
“Ramsdens has a proven track record of acquiring stores and quickly integrating them into the Group and we will now prioritise our resources on these acquired stores. We are confident that this acquisition will deliver value for the Group’s shareholders as well as the local communities where they operate.”