Dollar Financial Corp. Announces Acquisition of Five Stores in the London Market
October 20 2008 - 8:30AM
Business Wire
Dollar Financial Corp. (NASDAQ: DLLR), a leading international
financial services company serving under-banked consumers, today
announced that it has acquired five stores in the London market,
bringing the Company�s Money Shop store network in the United
Kingdom to 250 company-operated locations. The acquisition also
further expands the Company�s pawn broking business in the United
Kingdom, and the Company believes it is now the third largest pawn
lender in this market. �We are very pleased to reach this
significant milestone as we continue the successful build-out of
our global footprint with the unveiling of our 250th U.K. store,�
said Jeff Weiss, Chairman and Chief Executive Officer of Dollar
Financial Corp. �Not only does this acquisition allow us to further
our strategic goal of increasing store penetration in London, but
also signifies that our store network in the U.K. has reached a
critical mass, which should help to further expand consumer
awareness of the Money Shop brand in this market. Our U.K. business
continues to deliver outstanding results, generating nearly 25% of
our total revenue in fiscal 2008, which underscores our strategy of
being the most diversified company in our sector.� As part of the
acquisition, the Company will acquire four fully-branded franchise
stores across London in the areas of Acton, Whitechapel, Barking
and Harrow and one store in the Central London area of Marble Arch.
The stores will offer the full range of Money Shop consumer
financial products and services including check cashing, payday
loans, installment loans, foreign exchange, pawnbroking, Western
Union money order and money transfer products, and other ancillary
products and services. The Company has the number one market
position in the region, both in terms of the number of stores and
the array of products and services offered. About Dollar Financial
Corp Dollar Financial Corp is a leading international financial
services company serving under-banked consumers. Its customers are
typically service sector individuals who require basic financial
services but, for reasons of convenience and accessibility,
purchase some or all of their financial services from the Company
rather than from banks and other financial institutions. To meet
the needs of these customers, the Company provides a range of
consumer financial products and services primarily consisting of
check cashing, short-term consumer loans, Western Union money order
and money transfer products, currency exchange, reloadable VISA�and
MasterCard�branded debit cards, electronic tax filing, bill payment
services, and legal document processing services. At June 30, 2008,
the Company's global store network consisted of 1,452 stores,
including 1,122 company-operated financial services stores and 330
franchised and agent locations in 31 states, Canada, Republic of
Ireland and the United Kingdom. The financial services store
network is the largest network of its kind in each of Canada and
the United Kingdom and the second-largest network of its kind in
the United States. The Company's customers, many of whom receive
income on an irregular basis or from multiple employers, are drawn
to the convenient neighborhood locations, extended operating hours
and high-quality customer service. The Company's financial products
and services, principally check cashing and short-term consumer
loan programs, provide immediate access to cash for living expenses
or other needs. For more information, please visit the Company's
website at www.dfg.com.
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