The fast-growing high street buyer and seller of pre-owned goods, Cash Converters, has opened its 200th UK store, in Goole, Yorkshire.
The success of the business is a sign of the times, and in stark contrast to the fortunes of many other struggling retailers. The company says it attracts customers across all demographics, who can visit a local store and either purchase an item or secure instant cash. Services on offer include pawnbroking, “spread the cost”, buys, buybacks and selling.
Cash Converters was launched in Australia in 1984 and now has more than 600 stores in over 21 countries worldwide – the 600th was opened six months ago in Sidcup, Kent. In the UK, the company says it aims to have 250 stores by the middle of next year.
CEO David Patrick said: “We have a great network of franchise stores and our corporate store presence is continuing to grow. We currently have 67 franchisees on board, many of whom have multiple stores after experiencing great success with their first venture.
“Cash Converters has seen double figure percentage increases for the last eight years,” he went on, “and a noticeable acceleration in growth during the last three years.”
The new Goole store has created six new jobs in the town. In total almost 200 jobs have been created in the UK this year as a result of new Cash Converters store openings and this number is expected to reach 300 by the end of the year.
The company recently spent almost £1m on a television advertising campaign.