Profits jump at pawnbroker Ramsdens as consumers turn to short-term loans to tackle cost-of-living pressures

Ramsdens Croydon store, its first in London, opened its doors this week

(Picture: Ramsdens)

Profits at Ramsdens have rocketed, the firm revealed today, as consumers turn to high street pawnbrokers to get them through the cost-of-living crisis.

The business, which offers loans on jewellery and watches, posted a 71% leap in profits to £38 million for the year to September, while sales gew 62% to £66 million. Demand for loans grew over the year amid a narrowing range of options for short-term credit available to consumers, while sales of gold jewellery were also up sharply.