Case Study - Gary Lewy
Gary embarked on his career as a Cash Converters franchisee when his family business started to feel the effects of the nation’s last recession. Gary says: “I was on the lookout for a robust opportunity which could serve us well through good times and bad. Cash Converters represents an investment opportunity which is second to none. The fact that the business continues to do well despite economic uncertainty is testament to that.”
Gary’s experience in the last 17 years has shown that Cash Converters offer a range of services which prove consistently popular with customers. “Our customer base is very loyal and our staff across our portfolio of stores know many people on a first name basis. People from all walks of life visit the store and are incredibly impressed with the range of services we can offer.
“The introduction of the suite of personal finance products two years ago has resulted in an additional profit stream for the business which has given us a great platform from which to plan our long term business objectives. It has also increased the attraction of the brand to other potential franchisees, as it offers a number of possibilities that doesn’t just focus on retail.”
Cash Converters actively encourages and facilitates store visits for potential franchisees where they have the opportunity to speak with existing franchisees, and this is where Gary’s expertise has helped many avoid any major pitfalls along the way.
In fact many franchisees, like Gary, go on to operate more than one store as they reap the benefits of the framework for success which Cash Converters provides. Along with his business partners, Gary has plans to open another 10 stores in the next five years.
Gary adds: “Our staff, and the high ethical standards of operation that they adhere to, are our most valuable asset and the main reason we attract so many repeat customers. Our stores provide a modern, fresh and professional environment in which to sell unwanted goods for cash and also offer a range of other services including pawnbroking, Spread the Cost and Buybacks.”
As a leading retailer of pre-owned goods and a financial services provider, Cash Converters has transformed the concept of buying and selling second-hand goods. Since its launch in Australia in 1984 the company has grown enormously with more than 227 stores in the UK and over 730 stores worldwide. Modern retailing practices, professional management techniques and high ethical standards are present in all Cash Converters stores. The customer base cuts across a wide demographic and the company's continued store growth reflects the popularity and wide range of services. New shop layouts, including innovative dedicated Personal Finance Centres offer cash advances and personal loans.