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Job cuts fear for pawnshop giant.

Byline: STEPHEN HAYWARD Consumer Correspondent

ONE of Britain's biggest pawnbrokers faces a wave of store closures and redundancies up and down the country.

Cash Generator, which describes itself as the high street version of eBay, currently runs more than 220 branches and employs around 1,500 staff.

But one worker at the business, owned by US loan firm Axcess Financial, revealed that staff have been told 24 of its 30 stores in London are under threat of closure.

He said: "They claim it's because of poor sales and stores making a loss. They expanded a couple of years ago but rushed it and opened too many shops."

Further job cuts could also hit Cheque Centre, the former payday lender whose tactics of targeting cash-strapped families stuck in a cycle of debt were exposed by the Sunday Mirror last year.

A Cash Generator spokesman said: "We are reviewing our operating model. It could substantially reduce the number of locations from which we operate. We are looking at redundancies."
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Publication:Sunday Mirror (London, England)
Date:Jun 22, 2014
Words:167
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