Connect with us

Hi, what are you looking for?


Demand at UK’s biggest pawnbroker at record high amid cost of living crisis

A record number of people are pawning items to borrow money from Britain’s largest pawnbroker amid an escalating cost of living crisis.

H&T Group said “pledge lending” – lending secured against a customer’s valuable items such as watches or jewellery – was at record levels, in a trading update published on Monday.

The pawnbroker’s growth has been prompted by customers’ squeezed finances amid 40-year high inflation, according to Shore Capital, an investment bank. Consumer prices index inflation hit 9.1% in May, the highest level since February 1982, on the back of wide-ranging price rises fuelled by disruption from the coronavirus pandemic and Russia’s invasion of Ukraine.

Borrowing from H&T has exceeded the pre-pandemic high with no relaxation of lending criteria.

“This strong demand, in our view, reflects the impact of the cost of living crisis as well as the withdrawal of competition from the unsecured high-cost credit space, including through the recent closure of two of the leading home-collected credit firms,” wrote Gary Greenwood, a Shore Capital analyst.

He added that the cost of living crisis was likely to continue to support demand for pawnbrokers. Economists expect household finances to be hit further in the autumn, when the UK’s energy price cap will soar to reflect higher prices on global wholesale markets.

H&T’s pawnbroking pledge book was worth £84m at the end of June, up by 74% on the £48m a year earlier and an increase of almost £20m since the end of December when it stood at £67m. The company said there was “growth across the group’s customer base and in all geographies”.

H&T, which was founded in 1897 in London by Messrs Harvey and Thompson, has 256 stores and more than 1,400 workers. It also offers travel money, cheque cashing and gold purchase. Those other services have benefited the company, with demand for gold “buoyant” because of rising prices, and the return of international travel after pandemic restrictions meaning a strong recovery for foreign exchange.

Chris Gillespie, H&T’s chief executive, said: “I am delighted with the progress we have made in the first half of 2022, and the momentum with which we enter the second half of the year.”

Read more:
Demand at UK’s biggest pawnbroker at record high amid cost of living crisis

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PayMaya, the country’s largest processor of merchant payments, has relaunched its enterprise brand as Maya Business. The new Maya Business seamlessly integrates omnichannel payment...


SM Investments Corp. sees a brighter consumer outlook, fueled by sustained confidence in retailing Increased shopping activity, which was unleashed by the loosening of...


By Chelsey Keith P. Ignacio Filinvest Land, Inc. (FLI) registered an increase in its revenues as well as housing and condominium sales in the...


A master-planned community anchored on wellness, sustainability, and business growth awaits those wanting to enjoy the ‘island life’ in Megaworld’s Paragua Coastown By Jules...


By Chelsey Keith P. Ignacio Education can open the doors to abundant opportunities, from achieving one’s dream, helping the family, or even contributing to...


Sustainability has transcended trends and has become somewhat of an art form in itself. In business, it has now been refined to qualify as...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.