Ramsdens, the diversified financial services provider and jewellery retailer, has announced the acquisition of a portfolio of 18 stores.
They will trade as The Money Shop and have been acquired from Instant Cash Loans Limited for £1.5m.
The acquisition supports the group’s stated growth strategy of expanding Ramsdens’ presence and reach in the UK market and enables the group to leverage the significant investments made in recent years in its brand, IT systems and people.
The acquired stores are primarily located in the North West of England and Scotland and will be rebranded as Ramsdens over the coming weeks.
The group believes there is significant potential to build upon the existing foreign exchange proposition in these stores and to improve performance through the expertise of the group’s management team. In addition, the board believes there is growth potential arising from introducing the group’s growing jewellery retail offering into the majority of the acquired stores.
With the acquisition, Ramsdens is taking on approximately 70 new employees.
Peter Kenyon, CEO of Ramsdens, commented: “We are delighted to announce this value-enhancing acquisition and welcome our new colleagues and customers to Ramsdens. This acquisition further expands the reach of the Ramsdens brand and our trusted offering across communities in the UK and demonstrates the significant growth opportunities available to the Group in the fragmented UK market.
“Ramsdens has a proven track record of acquiring stores and quickly integrating them into the Group and we will now prioritise our resources on these acquired stores. We are confident that this acquisition will deliver value for the Group’s shareholders as well as the local communities where they operate.”