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Pawnbroker 's cash search blow; In Brief.

CASH.STRAPPED pawnbroker Albemarle & Bond's bid to secure a rescue deal has been dealt a blow after a potential buyer walked away.

Albemarle said it was still in talks with a number of other interested parties following the withdrawal of corporate turnaround firm Better Capital, whose investments include parcel delivery firm City Link and fashion business Jaeger.

The pawnbroker put itself up for sale in early December after its trading was hit by a slump in gold prices and rising competition in a sector that has more than doubled in size over the past five years. It has been trading at a loss in recent months and is in danger of breaching financial covenants while it looks to secure its future before the end of a three-month reprieve from its lenders at the start of February.

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Title Annotation:Business
Publication:Coventry Evening Telegraph (England)
Date:Dec 27, 2013
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