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Pawnbroker's profits soar in new "gold rush"

THE UK’s largest pawnbroking chain H&T has said demand among recession-hit consumers to trade their unwanted gold for cash had more than tripled scrap profits last year.

H&T now expects full-year profits at the top end of forecasts as the price of gold surges.

The company offers a postal service, but mainly trades its cash for gold across its stores, having recently launched a chain of 56 shopping centre-based “Gold Bars” outlets.

Its trading update comes a day after the consumer watchdog launched an investigation of five companies – H&T is not one of them – involved in the gold by post deals.