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Albemarle & Bond to appoint administrators Albemarle & Bond to appoint administrators
(about 1 hour later)
Troubled UK pawnbroker Albemarle & Bond will be unable to make loan repayments to lenders, and intends to appoint PwC as an administrator, it has said.Troubled UK pawnbroker Albemarle & Bond will be unable to make loan repayments to lenders, and intends to appoint PwC as an administrator, it has said.
Lenders Barclays and Lloyds told the company that options for rescue plans were not feasible.Lenders Barclays and Lloyds told the company that options for rescue plans were not feasible.
The pawnbroker will not request an extension to a deadline to repay outstanding loans.The pawnbroker will not request an extension to a deadline to repay outstanding loans.
The board intends to appoint four PwC insolvency staff to wind up the company.The board intends to appoint four PwC insolvency staff to wind up the company.
The company was seeking to defer its loan repayments beyond a 31 March deadline, but this was turned down by Barclays and Lloyds. The company had been seeking to defer its loan repayments beyond a 31 March deadline in exchange for support for a turnaround plan.
The lenders did not consider a possible turnaround plan was capable of being completed. Lenders did not view that plan as workable.
The plan involved cost-cutting measures for the company to stay afloat.
Last year, Albemarle & Bond closed 33 unprofitable pop-up gold-buying stores.Last year, Albemarle & Bond closed 33 unprofitable pop-up gold-buying stores.
In November, the company started melting down its own gold. Shortly afterwards, five company directors resigned.In November, the company started melting down its own gold. Shortly afterwards, five company directors resigned.
The firm took a number of steps last year to try to staunch losses, including halting online lending.The firm took a number of steps last year to try to staunch losses, including halting online lending.
The company put itself up for sale in December, but stopped the sale process in January, saying that none of the proposals it had received represented fair value for the company.The company put itself up for sale in December, but stopped the sale process in January, saying that none of the proposals it had received represented fair value for the company.