Dollar Financial Corp Opens Its 300th Store Location in the United Kingdom
March 01 2010 - 8:30AM
Business Wire
Dollar Financial Corp (NASDAQ:DLLR), a leading international
diversified financial services company primarily serving unbanked
and under-banked consumers for nearly 30 years, today announced the
opening of its 300th “Money Shop” store location in the United
Kingdom.
The new store, which is located in the storied town of
Canterbury, will offer the Company’s full range of consumer
financial products and services, including check cashing, short
term consumer loans, pawn broking services, foreign exchange, gold
purchase, Western Union money transfer and other ancillary products
and services. As the town of Canterbury is also a popular tourist
destination, the Company expects to benefit from additional
customer volume associated with its foreign currency exchange
service.
Commenting on this achievement, Jeff Weiss, the Company’s
Chairman and Chief Executive Officer, stated, “We are very pleased
to reach this significant milestone, which further strengthens our
position as the leading provider of financial services to unbanked
and under-banked consumers in the United Kingdom. In addition, as a
result of the rapid expansion of our store footprint during this
period, we also now operate the largest network of pawn lending
locations in the U.K., a well established product with a
long-standing tradition in the country. It is remarkable to look
back at how our U.K. business has grown from an initial acquisition
of 11 stores a little over ten years ago to what is now the largest
network of its kind in the country with a widely recognized and
trusted ‘Money Shop’ brand. We believe there is a significant
opportunity to further expand our store base in the U.K., which has
a relatively low industry penetration of retail locations to
under-banked consumers, through continued de novo store development
supplemented with the strategic acquisition of smaller store
chains.”
About Dollar Financial Corp
Dollar Financial Corp is a leading diversified international
financial services company primarily serving unbanked and
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, automobile loans and services, pawn lending, Western Union
money order and money transfer products, currency exchange, gold
buying, reloadable VISA® and MasterCard® branded debit cards,
electronic tax filing, and bill payment services.
At December 31, 2009, the Company’s global store network
consisted of 1,172 stores, including 1,043 company-operated
financial services stores and 129 franchised and agent locations in
the United States, Canada, United Kingdom, Republic of Ireland, and
Poland. 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, money transfer, pawn lending 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.
Forward Looking Statement
This news release contains forward looking statements, including
statements regarding the following: the Company’s recent financing
activities and the use of proceeds therefrom, the Company’s future
results, growth, guidance, expansion plans, the financing of
potential acquisitions and operating strategy; the global economy;
the effects of currency exchange rates on reported operating
results; the developing regulatory environment in Canada, the U.K.,
Poland and the United States; the impact of future development
strategy, new stores and acquisitions; the implementation and
expected results of refinancing initiatives; and of the performance
of new products, business platforms, and services. These forward
looking statements involve risks and uncertainties, including
uncertainties related to the effects of changes in the value of the
U.S. dollar compared to foreign currencies, risks related to the
regulatory environments, current and potential future litigation,
the integration and performance of acquired stores and companies,
the performance of new stores, the implementation and expected
results of restructuring initiatives, the impact of debt financing
transactions, the results of certain ongoing income tax appeals,
the ability to comply with the requirements necessary to extend the
maturity of the senior secured credit facility and the senior
unsecured notes and the effects of new products and services on the
Company’s business, results of operations, financial condition,
prospects and guidance. There can be no assurance that the Company
will attain its expected results, successfully integrate any of its
acquisitions, attain its published guidance metrics, or that
ongoing and potential future litigation or that the various FDIC,
Federal, state, Canadian or foreign legislative or regulatory
activities affecting the Company or the banks with which the
Company does business will not negatively impact the Company’s
operations. A more complete description of these and other risks,
uncertainties and assumptions is included in the Company’s filings
with the Securities and Exchange Commission, the Company’s annual
reports and form 10-Q’s and 10-K’s. You should not place any undue
reliance on any forward-looking statements. We disclaim any
obligation to update any such factors or to publicly announce
results of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
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