Albemarle & Bond finds suitor to help rescue remnants of firm

 
Michael Bow
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BROKEN pawnbroker Albemarle & Bond will be sold by its administrators PwC this week to a private equity consortium led by Promethean Investments.

The company, which was de-listed from the London stock exchange after its shares became worthless, is expected to see some of its stores rescued by Promethean and Apollo Global Management.

“Mike Jervis, joint administrator at PwC, can confirm that negotiations with a preferred bidder for the sale of the Albemarle & Bond group as a going concern are at an advanced stage. The deal is set to be completed early next week,” PwC said.

Promethean is chaired by founder Sir Peter Burt, former executive deputy chairman at Halifax Royal Bank of Scotland (Hbos). Rival pawnbroker H&T had also expressed interest in Albemarle & Bond.