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Profits collapse at pawnbroker

The pressure on pawnbroker Albemarle & Bond to secure a buyer for its business has been highlighted following a collapse in full-year profits.

A 27% slump in gold prices since March and rising competition in a sector that has more than doubled in size over the past five years resulted in profits tumbling to £4.9 million in the year to June 30, from £21.4m.

Since then, Albemarle has been trading at a loss and is in danger of breaching financial covenants.

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