600 jobs saved as part of pawnbroker rescue deal

In excess of 600 jobs were salvaged as a part of a rescue package targeting a pawnbroker chain, but many more are still at risk, a news report in the local business media can reveal.

Pawnbroker Albemarle & Bond has gone into administration quite recently, putting a very large number of jobs at risk. It was nevertheless acquired by Promethean Investments on behalf of an international investor group, with 628 jobs being secured as a part of this deal.

Unfortunately, it’s not good news for all of the company’s employees, since 59 branches, including nine in the North West, remain in administration, leaving 181 positions at risk of redundancy.

The new management team, Promethean Investments, its co-investors and administrators from PwC will work together to ensure that the transition out of administration is achieved "as quickly and seamlessly as possible".

Any restructuring and operations’ streamlining processes are never good for employees and the respective companies’ HR departments, but Time & Attendance North West can help firms navigate easier through these troubled times.

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