FINANCIAL services provider and jewellery retailer Ramsdens has acquired the Oldham and Altrincham pawnbroker stores trading as The Money Shop among a portfolio of 18 outlets for £1.5 million.

London Stock Exchange-listed Ramsdens, led by chief executive Peter Kenyon, has bought the string of shops from Instant Cash Loans Ltd.

The purchase price includes £400,000 of goodwill and £1.1 million of assets.

Under the terms of the deal, Ramsdens will acquire the pawnbroking loan books of the 18 stores and of five other The Money Shop stores which are close.

The Oldham shop is in Curzon Street and the Altrincham outlet is in George Street.

Ramsdens said the Acquisition supports the group’s stated growth strategy of expanding its presence and reach in the UK market and enables the it to leverage the significant investments made in recent years in its brand, IT systems and people.

The acquired stores are primarily located in the North West of England and Scotland and will be rebranded as Ramsdens over the coming weeks.

Ramsdens believes the newly-bought stores will make a “small contribution” to its pre-tax profits in the 2020 financial year and about £600,000 in 2021.

With the acquisition the company is taking on 70 new staff.

Mr Kenyon said: “This acquisition further expands the reach of the Ramsdens brand and our trusted offering across communities in the UK and demonstrates the significant growth opportunities available to the group in the fragmented UK market.

“Ramsdens has a proven track record of acquiring stores and quickly integrating them into the Group and we will now prioritise our resources on these acquired stores. We are confident that this acquisition will deliver value for the Group’s shareholders as well as the local communities where they operate.”