PAWNBROKER Albemarle & Bond has avoided the prospect of having to sell its prized assets after agreeing a new deal with its bankers, it was announced yesterday.
Rather than the flog the family silver, the company and its lenders agreed to postpone a financial stress test until February.
This is the second time it has been delayed and the company currently has debts of £49.9m, close to its £53.5m banking limit.
“[The] agreement is testament to our constructive working relationship with the banks and to their support while we explore a range of financing, strategic and turnaround options,” said chief executive Chris Gillespie.
The company, which operates more than 130 stores across the UK, said trading remained difficult. It has been affected by falling gold prices in recent times.
Gillespie said he is continuing to consider the best options for the company’s future.
Shares in the Aim-listed company jumped 6.5 per cent yesterday.