Cash Converters International Ltd has bought out two of its UK franchisees for STG600,000 ($1.09 million) as the pawn shop chain seeks to bring more stores under corporate control.
The franchised stores were in northern England, in Nottingham and Loughborough, and had assets of STG207,220, Perth-based Cash Converters said in a statement on Monday, after the share market closed.
After completion, the company’s earnings before interest and tax will increase by $329,624 in the first full year of ownership.
Cash converters also said it opened a new store in Leeds, taking the number of corporate stores to 24 in the UK. It also has 17 corporate stores in Australia.
