NORTH-EAST pawnbroker Ramsdens has been bought out by the management team for an undisclosed sum.
Having taken the decision to retire, owner and chairman Stewart Smith agreed to a management buy-out which has been backed by NorthEdge Capital LLP.
Peter Kenyon, chief executive of Middlesbrough-based Ramsdens,said: “I am grateful to Stewart for giving the team this opportunity and to NorthEdge for seeing the future potential of Ramsdens. Ramsdens aspires to help people get cash through its wide range of services such as foreign currency for holidays, pawnbroking and purchasing services. We currently operate in over 120 local communities and hope to expand on that in the forthcoming years.”
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Middlesbrough FC sponsor Ramsdens employs more than 450 people.
Mr Smith said “Peter and the team have been instrumental in the growth of the business in recent years. Susan and I wish them every success in the future.”
NorthEdge Capital specialise in investing in businesses located within the North and Ramsdens is its eighth investment in the last 18 months.
James Hall for NorthEdge Capital said “Ramsdens has a strong position in a niche and exciting part of the financial services market. It has doubled its store portfolio over the last 3 years which provides the business with a robust platform from which the business will continue to grow through its focus on transparency and excellent reputation. We look forward to working alongside the management team to drive the further growth of the business.”
Nigel Williams of Bond Dickinson Teesside acted for the management in the transaction.