Cash Converters has opened its 700th store worldwide in Jarrow, Tyne and Wear, 20 years after the first store hit the UK.
The 2000 sq ft store in Jarrow is the 223rd store to have been opened in the UK, and marks franchisee David Thomson’s seventh Cash Converters shop in north east England and Scotland as the brand continues to attract new franchisees to the business model as well as providing multiple-site owners with further opportunity to expand.
The new store will offer the full suite of services including the retail core business and fast growing personal finance products. David commented: “I am so proud to be the franchisee that opens the 700th store worldwide, it is a great acclaim. I have stores in Newcastle, Byker, Wallsend, Glasgow, Gateshead, Consett and Motherwell and hope that the Jarrow addition to my portfolio will provide further opportunities for growth.”
David, who recently won the Cash Converters franchisee of the year award, has created six new jobs in his Jarrow store. Since last year the rapid opening programme has created almost 150 new jobs across the UK.
Cash Converters chief executive David Patrick said: “Our continued success is down to healthy investment in the brand and its services, our staff and franchisees, as well as maximising modern retail techniques and keeping on top of an ever-changing retail landscape.
“Cash Converters is an ambitious company with a strong vision right across the world. We are proud to have been able to open the 700th worldwide store here in the UK. It really is testament to the success of the brand and reflects the popularity and wide range of services on offer from financial services, pawnbroking and laybys, to buybacks.
“Next year we are anticipating further growth in the number of both corporately-owned and franchise-owned stores.”
Since being launched in Australia in 1984 the company has grown enormously, reporting a record profit result of AUD$29.4 million for the 2012 financial year, an increase of 6.2% over the previous year.