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CASH CONVERTERS IS MOVING INTO NEW TERRITORIES AS IT SETS AMBITIOUS EXPANSION PLANS
With 200 stores across the UK, Cash Converters, the UK’s number one high street retailer of pre-owned goods, is looking to explore franchise opportunities in previously untouched territories across the UK.
South Wales, Scotland and Leicestershire are three key areas in which Cash Converters franchise managers are looking to recruit new franchisees. The 27-year-old company has recently celebrated its 200th UK store opening and has set ambitious targets to open a further 50 stores in the next 12 months.
This news comes at a time when economic conditions are forcing many retailers across the UK to make staff redundancies and close stores. However, Cash Converters’ approach to the high street ensures that customers, across all demographics, are able to visit a local store and buy a good quality item or make instant cash during these austere times.
The 200th store opening is a huge milestone for Cash Converters and takes place only six months after the company announced the worldwide 600th store opening, in Sidcup, Kent. These landmark achievements reinforce Cash Converters’ position as the leading player in the market place and puts the retailer in a strong position for continued growth in 2011 and 2012.
David Patrick, chief executive of Cash Converters, believes that the people at the heart of the business are instrumental in driving this continued growth. Coupled with strong investment in the brand and the launch of its personal finance services, Cash Converters continues to go from strength to strength.
David says: “We have a great network of franchise stores and our corporate store presence is continuing to grow. We currently have 82 franchisees on board, many of whom have multiple stores after experiencing great success with their first venture.”
Cash Converters transformed the concept of buying and selling pre-owned goods, and since being launched in Australia in 1984 has grown enormously, with stores in over 21 countries worldwide. It is a business, in that it operates both retail and financial services. With banks continuing to restrict lending, the personal finance division of the business is expanding, with more and more franchise stores realising the benefit of this additional service.
David continues: “Cash Converters has seen double figure percentage increases for the last eight years and a noticeable acceleration in growth during the last three years. Our sharp looking stores, modern retailing practices, professional management techniques and high ethical standards, which are present in all Cash Converters stores, set us apart from the competition and ensure that we remain number one in the UK.”
Joint franchisees Sue Hodgkinson and Brian Stephenson came on board in February 2010 and opened Cas Converters’ 150th UK store in Derby. The partners are now on track to open their second store at the end of this year, with plans to open a further five stores in the next few years.
Sue says: “Things couldn’t be going any better. We have a great relationship with the team at Cash Converters head office and have recruited some key personnel in store to ensure that the business grows in the best direction possible.
“We knew that with a franchise we were getting a well-known brand that had already built recognition and respect, consequently we won’t have to spend 20 years building a name for ourselves. Despite not having a presence in the town until we opened in February last year, Cash Converters is well recognised within Derby and we see a real mixture of people walk through our doors. Recently we have seen an increase in the number of older people coming in to shop for a bargain. We are also quick to recognise that people want a good deal and are happy to offer discounts at key times in the year.
“To be a successful business within the Cash Converters network you need to be willing to work hard and put the hours in to ensure a strong return on your investment. We understood that from the start and are now in a strong enough position to open our second store. It was great when our business development manager, Nathan Sermon, and David Patrick both gave our Derby store the seal of approval and the go ahead to start planning store two.”
The Derby store not only offers customers the opportunity to buy and sell second-hand goods, but also operates a Personal Finance Centre, where customers can benefit from pawnbroking, buy-backs, cash advance and personal loans. Sue adds: “The most fulfilling part of being a Cash Converters franchisee is watching you grow from an idea to a fully functioning store.”
A Cash Converters franchisee needs to be able to demonstrate commitment, passion and a determination to succeed. The company actively encourages and facilitates store visits for potential franchisees, where they have the opportunity to speak with existing franchisees. They are able to give valuable advice and tips to help in the decision making process.
Sue and Brian received extensive support and encouragement from fellow franchisees when they were setting up the business and are now providing advice and guidance to new franchisees coming on board.
Sue continues: “Cash Converters will offer you as much or as little help as you want. We took all the advice possible and learnt from other people’s experiences to help us along the way to success. We have recently spent time with new franchisees, talking them through our first 18 months and explaining the key steps they can take to help them succeed. It is great to be able to give something back.”
Many franchisees in the Cash Converters network have opened multiple stores and have turned what initially started out as a small business into a large family business.
Sue says: “My 25-year-old son is now in the business. He went travelling to Australia and found a job working for Cash Converters in Brisbane. He recently returned to the UK and has been offering me and the staff in Derby some tips on how they do things Down Under. It doesn’t differ too much, but it is great to get his perspective on our systems. After all, Australia is where Cash Converters began.”
Since coming on board Sue and Brian have been actively involved in raising money for Cash Converters’ chosen charity, Dreams Come True, which helps to fulfil the dreams of seriously and terminally ill children. More than £110,000 has been raised by Cash Converters stores across the UK for the national organisation - Sue and Brian recently completed a 50-mile bike ride in aid of the charity. She says: “We both love raising money for charity and it is great to be able to add to the big pot of cash that is being raised by other franchisees across the UK.”
One of the most comprehensive training programmes in the industry is available to all Cash Converters franchisees, with investment levels starting at £125,000 plus financing. Franchisees receive ongoing support and advice, from choosing the perfect location to recruiting staff, marketing support and purchasing initial stock.
David Patrick concludes: “This wide range of services on offer in store, including our range of extremely popular personal finance products, reinforces Cash Converters’ position as a leading high street retailer that responds to the needs of its customers. This is certainly a great time to become part of one of the fastest growing retail businesses in the world.”
FOR MORE INFORMATION
For information on locations where Cash Converters currently has new franchisee opportunities, or if you would like to visit a store and speak with a franchisee, call Cash Converters’ operations support team on 01920 485696, visit www.cashconverters.co.uk/franchise or email email@example.com.
It’s a great time to become part of Cash Converters, one of the fastest growing retail businesses in the world
Cash Converters, the UK’s number one high street retailer of pre-owned goods, is set to celebrate its 200th UK store opening this summer after experiencing double digit growth for the last eight years.
Since its launch in Australia in 1984, the company has grown exponentially with over 600 stores worldwide, making it the largest of its kind in the world. Cash Converters is unique in that it operates both retail and financial services; with banks continuing to restrict lending, the personal finance division of the business is expanding with more and more franchise stores realising the benefit of this additional offer.
An award winning national franchise chain, Cash Converters also has its own auction website - www. cashconverters.co.uk - which attracts on average 250,000-plus unique visitors per month.
David Patrick, chief executive at Cash Converters, says: “A Cash Converters store that is well run can buy and sell pre-owned goods at margins far higher than new product retailers. At the same time, Cash Converters aims to offer services that help customers get on with their lives.
“Modern retailing practices, professional management techniques and high ethical standards play a central part in all our franchised stores, and the network is supported by our commitment to training, backed up by our training centre in Cheshire.”
A Cash Converters franchisee needs to be able to demonstrate commitment, passion and a determination to succeed. The company actively encourages and facilitates store visits for potential franchisees, where they have the opportunity to speak with existing franchisees. They are able to give valuable advice and tips to help in the decision making process. All have realised the great potential of the Cash Converters franchise concept, and many own more than one store.
One of the Cash Converters franchisees leading the charge is Gordon Cox. Gordon joined Cash Converters in 1994 when he opened his first store in Bradford. Since then he has owned a total of 17 stores.
“With a franchise comes a well-known name that has already built its recognition and respect, consequently you’re not spending 20 years building a name for yourself,” says Gordon. “Cash Converters is well placed to do well in good and bad times. The second-hand market isn’t recession proof - no business is - but it’s nowhere near as difficult as the new goods market.
“We also have our other financial products to support us such as pawnbroking, buy backs, cash advance and personal loans. Cash Converters will offer you as much or as little support as you want and our business development manager, Nathan Sermon, has been invaluable to the growth of our business.”
Adds Gordon: “Two of my sons are now in the business - they are involved in the launch of our new stores as well as the day-to-day management of the network. Our stores have proven very successful; with our meticulously planned and rehearsed approach to the launch of a new store we are confident that we will continue to experience growth in coming years. The great thing is that I still love the business and therefore truly enjoy continuing with my team.”
One of the most comprehensive training programmes in the industry is available to all Cash Converters franchisees. Investment levels start from £125,000 plus financing, and franchisees receive ongoing support and advice, from choosing the perfect location to recruiting staff, marketing support and purchasing initial stock.
David Patrick concludes: “This is certainly a great time to become part of one of the fastest growing retail businesses in the world.”
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