The quickest way to insult one worldwide instant cash loan company is to call them a pawnbroker, according to the chief executive of their UK arm.
Cash Converters UK chief, David Patrick, is insistent that the company has grown to be a full-fledged retail business, offering not only instant cash loans and cheque-cashing but also the opportunity for customers to unburden themselves of used or unwanted goods for cash. Mr Patrick says the success of Cash Converters is no surprise as a result of not only the sickly economy but also due to the fact that many of his customers have been abandoned by traditional lenders.
From its humble beginnings in Perth, Australia nearly 30 years ago to a global business with more than 600 locations across the globe, the company is a place where you can get quick loans or sell off your unwanted items if you’re looking for cash in a hurry, said the UK chief executive. Mr Patrick also said that the stores offer excellent alternatives if customers cannot afford to purchase brand new items, as well.
Now, trading as Cash Converters International on the London Stock Exchange, the company has reported £26 million in pre-tax profits, a new record, thanks to its aggressive expansion policy of franchise sales. Total revenues for the 12 months from the end of June for Cash Converters up came in at £120 million.
The 55 year old UK chief executive, who took reigns a little over two years ago, is still defensive, despite all the success. He is insistent that Cash Converters needs to be viewed as the largest retailer of second-hand goods in the world, and not just a simple pawnbroker.