Wed, 21 Feb 2024 | BUSINESS SALE
Maxcroft Securities, a longstanding pawnbroking business based in Essex, has been acquired by listed firm H&T Group. Along with the acquisition, Surrey-headquartered H&T Group, a pawnbroker and retailer of pre-owned watches and jewellery, has announced additional private capital funding for its future growth plans.
Operating from a store in Ilford, Maxcroft Securities has been trading for more than 40 years. The main asset involved in the acquisition, which sees Maxcroft Securities’ five employees join H&T Group, is the company’s pawnbroking pledge book, which was reported to amount to around £6.1 million at the time of the deal.
Maxcroft Securities also operates a foreign exchange service, which H&T Group will enter into a lease for. The company’s balance sheet as of April 30 2023 shows current assets of £7.8 million, with net assets amounting to £7.1 million.
To fund its ongoing growth plans, H&T Group has also secured £25 million in additional financing from Pricoa Private Capital, the private capital division of PGIM, Inc, the global investment management arm of Prudential Financial, Inc.
The funding comprises a note purchase and guarantee agreement of £10 million secured notes at a fixed rate of 8.37 per cent, falling due February 2029, and £15 million secured notes at a fixed rate of 8.43 per cent, falling due February 2031. The funding will enable H&T Group to grow its pledge book and invest further in its store portfolio.
H&T Group Chief Executive Chris Gillespie commented: "We are very pleased to be able to announce these two transactions, both of which underline the group's focus on growing and broadening its core pawnbroking business and investment in the store estate.”
"We are also delighted to have further diversified and enhanced the group's funding arrangements through the relationship with Pricoa. We look forward to updating the market further on the 12th March, when we announce our results for the year ended 31st December 2023."
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