The boss of pawn broking chain Ramsdens says the cost of living pressures felt by UK consumers is "double-edged" for the business, and has highlighted growth of other parts of the firm.
Speaking to BusinessLive, Ramsdens CEO Peter Kenyon said the firm's pawn broking business - which saw recovery in the first half of 2022 - probably lends more money in better financial times for consumers than bad, and particularly when banks curtail lending.
He said: "If banks have tightened up credit and customers have fewer options, if they have the asset, the pawn broking can be a very good solution for them and people therefore come to us. When times are tighter the need to borrow is obviously higher, but pawn broking customers know they're going to give you an asset of value and if things are too tight that risks their ability to repay, they often don't borrow.
