This article was written and contributed by Simon Lazarus who writes for a number of national and international publications

The pawn broking business is big business, especially with the current financial climate that threatens to engulf us in a fiscal storm.

Yet for one company this has meant new avenues. Renowned pawnbroking company Albemarle & Bond has gone on a new drive to provide numerous loans against high end timepieces. (Ed: Not so much watch porn as pawn watch!)

With more than 230 stores across the country, this timely intervention has come against the growing backdrop where they have taken no prisoners in their pursuit of new business avenues.

In the coming months, watches can be offset as a considerable secured loan with the pawnbroker. If you are in need of a quick fix cash solution, then it’s much better going with these guys than the inflated interest rates offered by the majority of payday loan companies.

The result of the new business drive was also down to Albemarle’s financial results between June and December 2012 which showed a drop of 33 per cent in overall sales. So what was the damage? It seems even these types of businesses are not completely immune from the recession.

Figures reveal that Albemarle & Bond’s profits before tax were just tipping the £8m mark, while retail figures increased to more than 16% totalling £10.5m of pre tax revenue.

According to CEO, Barry Stephenson, he declared, “In 2012 we initiated a review of the changing structure of our business, the market, our customers, and the competition. Our strategy to drive future growth will build on our pawn broking offer and provide a broader set of lending choices and cash services to our customer base. We have increased the number of watches we buy, sell and lend on and diversified our service.”

More to pawn

In addition to this, the business is planning to broaden its range of products and secured loans in order to attract more custom. This includes loans against the likes of diamonds, precious metals not to mention luxury watches and non-hallmarked gold.

When it comes to the nitty gritty, Albermarle are still bucking the trend with its pledge book raking in more than a whopping £38 million.

This has been put down to a decrease in the levels of gold circulating among their clientele and a surge of competition from a host of other pawnbrokers.

In fact, they have found considerable success in their innovative pop-up gold stores which they have launched across more than 40 different locations in the UK.

“Profits were in line with expectations as we experienced tougher and more competitive markets in the first six months of the year. The investment we made to more than double our store base is delivering positive returns and the majority of the new stores have contributed an operating profit in the first half with potential for future growth,” added Stephenson.

Pawn-a-Porsche

Amid turbulent times, more and more consumers are looking for alternative ways to make a bit of wonga. Some have even resorted to pawning expensive wine, fine art and in one case a loan of £110,000 on a Porsche Cayenne Turbo.