Pawnbroking back in vogue

Pawnbrokers in the UK are this year reporting a massive increase in profitability with the UK's largest pawnbroker, H&T Group, reporting six monthly profits of £14.5 million. While much of the increased profitability in the sector can be put down to the rising price of gold and the margin which pawnbrokers have been able to secure for themselves when "recycling" this gold, there has also been an increase in more traditional pawnbroking items.

While pawnbroking shops are more visible today than they have been for many years, there are still many high streets up and down the UK which have no pawnbroking presence. However, a survey by the National Pawnbrokers Association confirms that the number of pawnbrokers in the UK has more than doubled since 2003, from 500 to 1300. Love them or hate them, there is no doubt that pawnbrokers offer a service that many in the UK are more than happy to use, especially in these troubled economic times.

Even though the industry has grown significantly over the last decade, many believe that the current economic environment will add fuel to the fire and we will see more and more pawnbroking shops appearing on high streets across the UK.