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CASH AMERICA ANNOUNCES EXECUTION OF A CONTRACT FOR THE PURCHASE OF BRITISH PAWNSHOP CHAIN

 CASH AMERICA ANNOUNCES EXECUTION OF A CONTRACT FOR THE PURCHASE OF
 BRITISH PAWNSHOP CHAIN
 FORT WORTH, Texas, Dec. 23 /PRNewswire/ -- Cash America Investments, Inc. (NYSE: PWN) announced today that it has signed a definitive agreement with Harvey & Thompson PLC of London to acquire the assets comprising the Pawnbroking Division (26 shops) of Harvey & Thompson in the United Kingdom.
 Cash America operates the largest chain of pawnshops in the United States with 178 locations in eight states and Harvey & Thompson operates the largest chain of pawnshops in the United Kingdom. Completion of the transaction is subject to the approval of the shareholders of Harvey & Thompson PLC and certain other conditions. The agreed purchase price is 14,500,000 pounds (approximately $26,000,000 at current exchange rates), subject to minor adjustments based upon the value of assets at the time of closing. The Pawnbroking Division of Harvey & Thompson PLC recorded income before income taxes of 1,912,000 pounds (approximately $3,440,000 at current exchange rates) for its fiscal year ended June 30, 1991. The transaction is scheduled to close prior to Feb. 14, 1992. Cash America intends to operate the chain of acquired shops under the trade name of Harvey & Thompson Ltd.
 Jack Daugherty, chairman and CEO of Cash America, commented that the proposed purchase of the pawn assets of Harvey & Thompson represents an exciting opportunity for Cash America to establish operations in the United Kingdom. Daugherty stated, "Harvey & Thompson's 100 year history of success in the pawn business will add significantly to the knowledge and experience base of our existing operations."
 -0- 12/23/91
 /CONTACT: Eugene M. Estep or Michele Rosenblum of Cash America Investments, 817-335-1100/
 (PWN) CO: Cash America Investments Inc.; Harvey & Thompson PLC ST: Texas IN: FIN SU: TNM


KD -- NY050 -- 4847 12/23/91 12:45 EST
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Publication:PR Newswire
Date:Dec 23, 1991
Words:303
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