Sheffield United sponsor Ramsdens has expanded after snapping up a number of The Money Shop stores – including two in South Yorkshire – in a £1.5m deal.
The deal sees the Teesside-based financial services and jewellery retail company – which already has 137 stores and four franchises – acquire the business and certain operating assets of a portfolio of 18 The Money Shop stores from owners Instant Cash Loans Ltd.
Ramsdens, which became the main sponsor of the Blades at the start of this season, will acquire the pawnbroking loan books of the 18 stores and of five other The Money Shop stores which are to close. The deal also sees Ramsdens take on approximately 70 new employees.
Ramsdens directors said the acquisition supports the group’s growth strategy to expand its geographical reach in the UK, while also helping the group to leverage the significant investments made in recent years in its brand, IT systems and people.
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.
Mr Kenyon said his intention is to introduce the group’s successful jewellery division into the new additions to the portfolio, having seen huge growth.
The firm, which first launched in the 1970s, runs separate business streams including foreign currency exchange, pawnbroking loans, precious metals buying and retailing of new and second-hand jewellery.