Gowling WLG is advising H&T Group plc, the UK's leading pawnbroker, on its acquisition of 113 pledge books from Albemarle & Bond (A&B), the trading name for Speedloan Finance.
The acquisition by H&T Group - one of the oldest and leading pawnbrokers in the UK and listed on the AIM market of the London Stock Exchange - is for a cash consideration of circa £8 million and took place on 7 October 2019. The deal is being funded by cash and existing banking facilities.
Hugh Maule, a partner in Gowling WLG's corporate team, is leading a cross-firm team advising on the acquisition, including; Kat McGriskin, Sian Dewing (both corporate), Hannah Swindle and Rebecca Jones (both employment).
"We're pleased to be advising H&T Group on this transaction which grows its substantial core pawnbroking business," said Hugh, "This is the second major transaction we have worked with H&T Group on in recent months, following its share placing and acquisition of trading stores and pledge books from The Money Shop in July."
H&T has worked quickly to achieve the agreement with Speedloan Finance and kept the FCA informed. H&T said the deal is a positive outcome for customers and will in the future enable them to redeem or extend their existing pledges through more-conveniently located H&T stores.
John Nichols, CEO of H&T Group, said: "We value Gowling WLG's support on what is an exciting transaction and enables us to cement our position as the UK's leading pawnbroker. Our immediate focus is to do everything we can to support A&B's customers."