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Promethean Investments pulls pawnbroker Albermarle & Bond out of administration

16 Apr 2014

gold5_lrgPromethean Investments has lead an investor group to buy troubled UK pawnbroker Albermarle & Bond out of administration.

The group will pick up 128 of the company’s branches according to administrators PwC, which will retain the remaining 59.

It said Promethean, which was launched by former Bank of Scotland CEO Peter Burt, made the best offer which preserved the most jobs.

The pawnbroker has been hit by falling gold prices in recent years, and was forced to melt down jewellery to cover debts.

It called in PwC as administrators last month.

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