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Chris steps up to lead pawnbroker firm
Chris Gillespie, who ran the doorstep lending division of Bradford-based Provident Financial Group for six years until his departure last month, is set to become boss of the UK’s second largest pawnbroker Albemarle & Bond as the embattled group attempts to turn its fortunes around.
The business, which includes Herbert Brown branches in Bradford and Keighley, said weakness in the gold price had created “significant uncertainty” over its prospects and it has been in active discussions with its largest shareholder about raising £35 million to recapitalise its balance sheet and resolve potential banking covenant breaches.
Albemarle & Bond, which recently closed 33 pop-up gold-buying stores, has appointed Chris Gillespie as chief executive.
Albemarle & Bond said that while its profitability before exceptional items was within the range of market estimates for its financial year just ended, the gold price created significant uncertainty over its prospects for the current financial year.