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Cash Converter boss David Patrick: Don't say pawnbroker we're a major retailer

‘Here you get a face-to-face honest deal with no hidden catches if you need cash. And if you cannot afford brand new goods then we offer a great alternative,’ he says.

Cash Converters started as a single shop in the Australian city of Perth in 1984 and has grown to more than 600 stores worldwide.

Patrick took over as chief executive two and a half years ago and he has doubled the number of stores here to 204.

The international company now trades on the London Stock Exchange as Cash Converters International.

An aggressive policy of expanding through selling franchises saw the company post record pre-tax profits of £26 million – up by 24 per cent – on revenues of £120 million for the year ending June 30.

Despite the success, Patrick, 55, is defensive: ‘We are a retailer and not a pawnbroker – the world’s biggest retailer of second-hand goods,’ he insists.

Customers who sell their goods have the right to buy them back within 28 days if they pay 30 per cent on top of the amount initially received. Many cash-strapped customers use this service for emergency loans.

Cash Converters also provides a traditional pawnbroker arm that can lend for up to six months. Rates can work out at 156 per cent APR, but nine out of ten items pawned are reclaimed. The company also offers unsecured loans and a chequecashing service.

The rates are stiff. For example, a £300 personal loan can cost £592.68 if it is paid back in six months – an interest charge of almost 100 per cent. But Patrick says: ‘If your boiler breaks down on Friday and you need quick cash, what will the bank do?

Shut the door in your face or sit you through meetings until it is too late. This is where we help.’ Customers include some of the seven million people in Britain without a bank account, many of whom are distrustful of banks.

However, unease over payday loans has hit Cash Converters. Texas-based pawnbroker giant EZcorp pulled out of a £44 million deal to buy 20 per cent of Cash Converters shares that would have given it a controlling stake.

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