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Dozens of Kent jobs are under threat after pawnbrokers Albemarle & Bond announced its intentions to call in administrators.
The company – which has branches in Chatham, Dover, Gillingham and Welling – suspended shares on the AIM yesterday after its banks failed to support its management turnaround plan.
Barclays and Lloyds Banking Group are owed about £50m by the UK’s second largest pawnbroker, which employs more than 1,000 people nationally.
In a short statement today, the company said: “In the absence of any other available facilities from its lenders or elsewhere, the company will shortly be unable to meet its liabilities as they fall due.
“The board has therefore concluded that, in such circumstances, the appointment of an administrator is the most appropriate course of action.”
PricewaterhouseCoopers LLP are lined up to come in as administrators.
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