Dollar Financial buys 2 Scottish pawnshops
Dollar Financial Corp. said that it had acquired two 179-year-old pawnshops in Edinburgh and Glasgow, Scotland.
The two shops were established in 1830 and primarily deal in loans secured by gold jewelry and expensive watches, the Berwyn-based payday lender said yesterday.
The two stores' combined earnings before interest, taxes, depreciation and amortization are expected to be 0.7 million pounds to 1.0 million pounds ($1.1 million to $1.6 million), including transition costs, Dollar Financial said.
"Pawn lending in the U.K. is a tradition that goes back hundreds of years and is widely accepted as a mainstream source of credit, while at the same time is a profitable source of securitized consumer lending revenue for our business," company chairman and CEO Jeff Weiss said in a statement.
The company announced Monday that it had acquired four stores in Northern Ireland. Dollar Financial has 1,264 stores, including 186 franchised and agent locations, in the United States, Canada, the Republic of Ireland, and the United Kingdom.
