Business

Reviving Pawnbroking: Suttons and Robertsons’ Modern Twist in 2024

News TeamFebruary 23, 202439 Comments0438

Mentioning pawnbroking might evoke images of an era long past, with shadowy shopfronts reminiscent of Dickensian narratives. However, in a striking contrast to this antiquated image, Suttons and Robertsons, London’s most established pawnbroker since 1770, is witnessing a surge in business, disproving the notion that pawnbroking is a relic of the Victorian age.

In contemporary times, the clientele of Suttons and Robertsons frequents their stores located in the vibrant high streets of London’s most prestigious areas, such as Brompton Road in South Kensington. Here, affluent individuals consider pawning luxury items like high-end watches to navigate short-term financial tight spots. The esteemed establishment also serves customers from its outlets in Victoria, Fleet Street, and Edgeware Road.

From high-value Rolex Watches and Diamond Bracelets to coveted Hermes Handbags and pieces of fine art, assets typically associated with significant wealth, even the well-heeled resort to pawning their prized possessions to cover unforeseen expenses ranging from tax liabilities and school fees to urgent household bills or securing luxury vacation bookings.

As of the start of 2024, Suttons and Robertsons reports a 30% increase in transactions compared to the early months of 2023, with a notable rise in first-time patrons seeking pawnbroking services. The demographic of their clientele is broad, spanning various age groups, with a marked increase in younger customers aged 30-45, illustrating a shift in the pawnbroking landscape.

The average loan amount at Suttons and Robertsons is a substantial £6,000, distinguishing their customer base as decidedly upscale, especially when contrasted with the typical high street pawn loan average of £400. Impressively, 90% of their clients earn more than £100,000 annually.

While many customers secure loans against individual luxury items like a Rolex Watch, others, looking to borrow larger sums, might offer collections of high-end Swiss watches or diamond jewellery from esteemed brands such as Cartier or Bvlgari as collateral.

The vast majority of pledges consist of watches, gold, and jewellery, yet Suttons and Robertsons also deals in more eclectic items, from Investment-grade wines and exotic Hermes Handbags to luxury cars, including a Lamborghini and a Ferrari F12, with the latter enabling its owner to secure a loan of £340,000.

The loan terms are typically set for up to six months, with the majority of customers settling their loans within the first three months. The process is designed to be penalty-free for early redemptions, with interest charged solely for the duration of the loan.

Suttons and Robertsons distinguishes itself with the swift provision of funds, often available on the same day, and a discreet service that requires no credit or affordability assessments, as loans are secured against the value of the pledged assets. For clients residing beyond London, some transactions can be completed online, enhancing the convenience of their services.

Pawnbroker loans from Suttons and Robertsons offer a pragmatic short-term financial solution for individuals with valuable assets facing liquidity challenges. The vast majority of clients, over 95%, reclaim their pawned items, underscoring the strong attachment they have to their assets. In cases where customers choose not to redeem their items, the assets are sold at the best possible price, with the proceeds used to settle the loan and any surplus returned to the customer.

Some customers upon visiting the store decide they would rather sell their luxury item, and instead choose to accept a fair price for their goods instead. Selling your watch or other luxury valuables to Suttons and Robertsons can be a practical way of realising the value tied up in no longer wanted or worn jewellery and watch items without having the hassle and fees of auctions or dealing with identifying trustworthy members of the public.

For those seeking immediate financial solutions, whether through short-term loans against valuable assets or by selling luxury items, Suttons and Robertsons provides expert, discreet, and experienced service, potentially offering the financial resolution you’re searching for.