SHARES in gold pawning shop Albemarle & Bond (A&B) fell off a cliff in trading yesterday after the departure of its chief executive and a dismal profits forecast sent investors scurrying away from the stock.
A&B, listed on the junior stock market, plunged 36 per cent after Friday’s announcement that a 14 per cent drop in the gold price would accelerate a “significant” slump in profits from last quarter.
The company said chief executive Barry Stevenson was leaving the firm, to be replaced by previous boss and non-executive director Greville Nicholls.
Analysts said plans to shift the firm away from buying second hand gold to buying and selling electronics like iPads would not solve the issue. The firm spent about £1m extra on consultants to identify the option, it said.