RAMSDENS PAWNBROKER TAKEN OVER BY US RIVAL FIRSTCASH FOR £203M

Ramsdens, a British pawnbroker based in Teeside, has agreed to a takeover by US rival FirstCash for £203 million. The acquisition values each share at 609 pence, representing a 35 per cent premium to Ramsdens' closing share price on the Monday before the announcement. Ramsdens operates 175 shops across the UK and runs an online business. FirstCash operates 3,330 sites across the United States, Latin America and the UK.

Ramsdens said it accepted the bid because the group faced vulnerability to fluctuations in gold prices and further economic pressure. The company stated that FirstCash ownership would reduce risk for its shareholders. Simon Herrick, the group's non-executive chairman, said Ramsdens had delivered consistently strong performance with multiple profit upgrades in the past year, but noted the share price had not kept pace with positive profit and earnings growth. Cavendish provided independent financial advice on the acquisition terms.

The takeover represents the latest in a series of overseas takeover attempts on British publicly listed companies in recent weeks. Ramsdens currently trades on London's AIM market, the junior stock exchange. Following the announcement, shares in Ramsdens rose 30 per cent. The acquisition removes another British company from London's public markets.