Profits at the UK’s biggest pawnbroker, H&T, slumped by 22% in 2020 as the pandemic saw fewer customers needing to sell their assets, the company said. With large swathes of the economy shuttered, bosses said the demand for cash fell as Covid-19 restrictions in the hospitality and travel sectors saw households becoming savers rather than spenders. H&T added that its pledge book – the value of goods pawned by customers – reduced and people with savings bought back their valuables. The company also took a knock to profits by offering payment holidays and deferrals to customers who might be struggling financially. The pledge book fell 33.1% to £48.3 million and the company’s personal loan book dropped 64.5% to just £5.9 million.

Source: Irish Independent March 23, 2021 09:11 UTC