Franchising Opportunities

Unprecedented expansion

Unprecedented expansion

DISCOUNT RETAILER CASH GENERATOR IS CONTINUING TO GROW AT AN EXCEPTIONAL PACE DESPITE DIFFICULT ECONOMIC CONDITIONS

Bolton-based Cash Generator has already opened 24 stores during the first six months of trading in 2011. The unprecedented expansion has seen the number of franchise stores increase by 21 per cent in the last year.

Having opened its 150th store in the summer, the company expects to hit 200 by early 2012. As well as increasing the number of franchise operated stores, it has invested heavily in expanding its corporate outlets. Cash Generator has also opened stores in London, a milestone for the retailer as it’s the first time the company has had a presence in the nation’s capital.

NATIONAL BRAND

The expansion has meant that Cash Generator’s brand is now seen on high streets across the UK. From Inverness at the top of Scotland to Truro in Cornwall, the discount retailer is continuing to open stores in new territories. Stores have also recently opened in Carlisle, Scarborough and Torquay, making Cash Generator a truly national brand.

2011 has also seen the roll out of the popular express store concept. The express store has been trialled over the past 18 months with stores in Stretford and Stechford. Offering convenience for consumers seven days a week, Cash Generator express stores are located on busy arterial routes, combining high visibility for motorists and easy access for local residents. Seven express stores have opened in 2011 and are proving popular with consumers - the total store network reporting 20,000 items a week being purchased on the buying counter.

With such impressive growth, Cash Generator has also heavily invested in the infrastructure at its head office. 20 new roles have been created with jobs across compliance, IT, marketing and training, proving Cash Generator is committed to building the right structure to provide support for the business and its growing network of franchisees.

Cash Generator’s renowned training offers franchisees a structured and professional programme from a Chartered Institute of Personnel and Development approved trainer. Whatever their skill set, franchisees are guided through a mixture of academic and vocational training. Support is also offered from the beginning of the franchise process, with guidance from the property team to help find the right location and the financial department offering franchisees the best advice to put together a solid business plan.

IMPRESSIVE

Julian Urry, managing director of Cash Generator, says: “This has been a fantastic year for Cash Generator so far. Our business is continuing to grow, allowing us to expand at impressive rates. Savvy consumers are turning to us as the first place to get a fair deal on retail and financial services. We are hopeful that the final quarter of 2011 will continue in the same vein, with a busy Christmas expected.”

One of the UK’s top 10 discount retailers, Cash Generator specialises in the buying and selling of nearly new products and is viewed by many as the eBay of the high street. Franchisees benefit from Cash Generator’s multiple income streams, and alongside its retail offering the company also offers additional financial services including cheque cashing, Western Union worldwide money transfers and foreign currency exchange.

FOR MORE INFORMATION

For further information contact Cash Generator on +44 (0)1204 574444 or visit www.cashgenerator.co.uk.

 

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Nick Bourne is an inspiration for any potential franchisee. After pounding the beat as a community support officer, he is now an award winning franchisee operating three hugely successful stores in the south of England.

From driving an array of sports cars, spending time on his boat, and splitting his time between a penthouse apartment and luxurious detached home, Nick is now a millionaire in his own right.

Options

While working as a police community support officer with the Dorset force, Nick started to consider alternative career options, driven by the desire to ultimately own his own business.

After researching numerous franchise opportunities, Nick discovered Cash Generator and was instantly drawn to its business model and multi-income streams. Within months Nick invested in the company and opened his first store in Weymouth in October 2006. He now plans to open his fourth store later this year.

Nick says: “I wanted a challenge and something that would provide a profitable investment opportunity. After looking into several franchises, Cash Generator really stood out. It was a solid business with multi-income streams that could weather all economic climates, but also prosper in the good times.

“With no previous background in retail, I was confident I could do well, particularly with the extensive training Cash Generator provides. This was integral to my decision to become a Cash Generator franchisee, as it was the first time I had set up my own business and I wanted advice and guidance readily available.”

Nick was not disappointed, and during his eight-week CIPD approved intensive training he and the Cash Generator team sought locations in the south for his first store.

“I was keen to open up in the coastal town of Weymouth as I believed a Cash Generator store would thrive in the town centre,” says Nick.

“With £60,000 to invest, I wanted to ensure my first store was a huge success, so I worked long hours every day.”

The combination of long hours and little time off resulted in Nick exceeding his initial goals, smashing sales targets set for his third year of business in the first 12 months, and then doubling this figure in his second year.

Nick comments: “When I first embarked upon a career in franchising with Cash Generator I found some aspects of the business a little challenging and I invested a large amount of time in understanding the business. Within the first six months of opening a Cash Generator store, I understood the two areas that required the most attention; the first was to maintain a good cash flow, and the second to secure good quality, well trained staff that met with the company’s exacting standards.

“I have followed this philosophy with each of my three stores and truly believe that this strategy has enabled me to reap the rewards.”

In 2006 Nick had a first-year turnover of £1.4million in Weymouth, and was one of Cash Generator’s top five performing stores that year. He then went on to double the sales figures in the second year. With Weymouth a success, two years later, in August 2008, Nick acquired his second store in Yeovil. He went on to open his third store in Southampton in 2009, which is already proving to be another success.

Proud

Nick continues: “I am immensely proud of the success I have achieved and believe that my attitude to want to continue achieving is the driving force behind the strong levels of results I receive. I strive for the best at all times in each store.”

With the fourth store already pencilled in toopen in late 2010, Nick has no plans for letting up with the relentless growth of his business. He has already set his sights on reaching the milestone of 10 stores by 2016.

Nick says: “Four stores in four years is an impressive record for any franchisee. I hope to continue with this entrepreneurial spirit, expanding at a rapid rate for another five or six years and eventually establishing a portfolio of 10 Cash Generator stores, each exceeding targets year on year and retaining their record results.”

Nick firmly believes that investment in staff is the key to his success: “I employ a total of 30 people, which is something I am proud to be able to do, and looking after my staff by recognising and rewarding hard work and commitment is something that I do throughout the year. I find aids to their performance in store, improving both customer care and creating a happy, loyal team for future success.”

Commenting on his success, Nick says: “Since opening my first Cash Generator store, my drive and ambition has meant that I haven’t looked back. By building up a strong and talented team at each store, I have been able to develop my business.

“Investing in Cash Generator has opened many new doors and enabled me to enrich my personal life, as I now own a number of luxury items, including a 36ft boat, an Aston Martin and a penthouse apartment. I have also made some great friends through the franchise network.”

Strength

The UK’s leading buy, sell and loan store, Cash Generator continues to go from strength to strength. With over 120 stores at present, the company is looking to open 25 new stores throughout 2010.

Cash Generator stores operate as a discount high street retailer, offering a top quality selection of pre-owned and brand new items for sale at bargain prices. They also provide instant cash for goods along with a host of highly competitive financial services, including cheque cashing, personal and asset-backed instant cash loans, Western Union worldwide money transfers and foreign currency exchange.

With its comprehensive training course and ongoing support structure, which the company believes to be unrivalled within the franchising industry, it is no surprise that Cash Generator attracts a high calibre of franchisees, many of whom, like Nick, are looking to open multiple outlets. More than one in three Cash Generator franchisees have gone on to open additional outlets, such was the success of their first store.