A new management team including a restructuring specialist has taken over the reins at struggling UK pawnbroker business Albermarle & Bond.
Chris Gillespie, a former British Horse Trials Association and Provident Financial executive, was due to take up his new post as chief executive on October 18.
However, his arrival was brought forward to yesterday as the UK’s second-largest pawnbroker business struggles to shore up its finances following a significant drop in the price of gold over the last two years.
It failed to conclude a deep-discounting rights issue with its biggest shareholder, Texas-based EZCORP, last week that would have secured the company a £35 million cash injection.
It is now locked in talks with its lenders over covenant tests which are due on its £51m debt pile.
Mr Gillespie yesterday took over responsibility for the process, with turnaround specialist Colin Whipp also joining as chief restructuring officer.
