Joint statement from Promethean Investments LLP and the joint administrators of Albemarle & Bond at PwC
Promethean Investments LLP announced today that it has made its first investment from its second fund, Promethean UK Opportunities Fund II LP with the acquisition of Albemarle & Bond Group Holdings plc (‘A&B’ or ‘the Group’) out of administration. Promethean is leading the investment on behalf of an international investor group.
A new highly experienced CEO, Stephen Plowman is to be appointed with a mandate to reconfigure A&B and refocus it back to its core business lines of pawnbroking and jewellery retailing and return it to profitability.
Steve has spent more than 30 years in financial services, spanning Banking Insurance and latterly Consumer Finance and has spent the last eight years in restructuring roles.
The plan will maintain the majority of stores, in addition to preserving hundreds of jobs.
The new management team, Promethean Investments LLP, its co-investors and PwC will work together to ensure that the transition out of administration is achieved as quickly and seamlessly as possible.
Mike Jervis, lead administrator at PwC added:
“The deal announced today was the best offer received, preserving the most jobs and keeping the most stores open. All 120,000 pledged items remain safe and available for the customers to redeem.
“This deal achieves the most positive outcome for customers, staff and landlords- which has always been a key driver for A&B’s stakeholders.”