H&T Group

H&T Group plc ("H&T") floated on the Alternative Investment Market ("AIM") market of the London Stock Exchange with a price of 172p - a market capitalisation of approximately £54mlion (and an EV of £92m) representing a current P/E (pre amortisation) of 15.7x.

As a result, the company raised approximately £18.2mlion before expenses to redeem loan notes, and existing shareholders received £30.7mlion through sales of existing shares. The institutional investors that backed the original buyout of the company in 2004 were Rutland Partners and Barclays Bank - both achieved a full exit.

H&T, the UK's leading pawnbroking business by size of pledge book, was founded in 1897 and now has 69 outlets across the UK and approximately 300 employees.

The Company's core business remains pawnbroking although as the business has grown, it has increased the revenue derived from other financial services including cheque cashing and unsecured loans. The Company is also a retailer of jewellery, second-hand items sourced from its pawnbroking operations and a relatively small number of new products bought in for re-sale.

The Company provides lending solutions designed to meet the financing needs of private individuals who may not satisfy the lending criteria of high street banks. The Company targets a customer base of borrowers who are precluded from accessing more traditional forms of finance, offering such customers a facility to borrow money in a way which is quick and convenient and which demands neither a bank account nor arrangement fees.

H&T's objective is to capitalise on its position as one of the UK's largest pawnbrokers. It intends to continue growing the business through expanding its geographical footprint, establishing recently introduced products, developing new products and services and rolling-out a new store format.

Canaccord Genuity are financial advisors and "nominated advisors" (NOMAD) to H&T Group plc going forward.