Dollar Financial Corp Announces Opening of 400th Company Operated Store in the United Kingdom
June 30 2011 - 8:00AM
Business Wire
Dollar Financial Corp (NASDAQ:DLLR), a leading international
diversified financial services company serving primarily unbanked
and under-banked consumers for over 30 years, today announced that
its wholly owned United Kingdom subsidiary, The Money Shop, opened
its 400th company-operated store in the town of Leamington. The new
store will offer the full array of the Company’s products and
services, including short-term loans, secured pawn loans, check
cashing, gold purchase, Western Union money transfer, foreign
exchange, debit cards, and others.
Commenting on the store opening, Jeff Weiss, the Company’s
Chairman and Chief Executive Officer, stated, “We are very pleased
to reach yet another significant milestone in the development of
our global footprint with the unveiling of our 400th
company-operated U.K. store. The rapid expansion of our store
footprint in the United Kingdom, which represents the largest
retail financial services store network of its kind in that market,
continues to bolster the Money Shop brand as the leading provider
of financial services to the unbanked and under-banked consumers in
the United Kingdom. In addition, the successful build-out of the
Company’s de novo store network in the United Kingdom along with a
number of recent store acquisitions in both the U.K. and
Scandinavia, have positioned Dollar Financial as the leading
provider of pawn loans in Europe and the second largest pawn lender
worldwide. Furthermore, as the U.K. market has the fewest number of
retail financial services stores in relation to the under-banked
population, when compared to the U.S. and Canada, we believe there
is ample opportunity for us to continue to expand and grow our
store network in the United Kingdom for a number of years to come.
Following approximately 70 de novo store openings during the
current fiscal year ending June 30, 2011, we intend to open an
additional 75 to 100 de novo stores in the United Kingdom during
the next fiscal year ending June 30, 2012.
It is our mission to be the leading global provider of financial
services to the under-banked and unbanked consumer, which we refer
to as the ALICE demographic (or asset limited, income constrained,
employed). The ALICE customer segment is increasing all around the
globe, and we are squarely focused on expanding our set of products
and services and sales channel delivery platforms in existing and
new markets to meet their growing financial services needs. The
expansion of our “bricks and mortar” store network strategically
compliments our position as the leading provider of internet loans
in the United Kingdom, allowing us to effectively address the needs
of two ALICE customer segments, the customer demographic that
prefers to come into our stores to transact business, and the
segment of the population that would rather use the internet. As a
result, we continue to experience very little cannibalization
between our store-based business and our growing internet sales
channel.”
About Dollar Financial Corp
Dollar Financial Corp is a leading international diversified
financial services company primarily serving unbanked and
under-banked consumers and small business owners for over 30 years.
Through its retail storefront locations as well as by other means,
such as via the Internet, the Company provides a range of consumer
financial products and services in seven countries (Canada, the
United Kingdom, the United States, the Republic of Ireland, Sweden,
Finland and Poland) to consumers who, 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. The Company’s products, principally its short-term
consumer loans, check cashing services, secured pawn loans and gold
buying services, provide customers with immediate access to cash
for living expenses or other episodic needs. The Company also
offers high-value ancillary services, including Western Union money
order and money transfer products, electronic tax filing,
reloadable VISA® and MasterCard® debit cards, foreign currency
exchange, and other services. In addition, through its branded
Military Installment Loan and Education Services, or MILES®
program, the Company provides fee based services to enlisted
military personnel applying for loans to purchase new and used
vehicles that are funded and serviced under an exclusive agreement
with a major third-party national bank.
At March 31, 2011, the Company’s global retail operations
consisted of 1,236 locations, including 1,144 company-operated
financial services stores and 92 franchised and agent locations,
conducting business primarily under the names Money Mart®, Money
Shop®, Insta-Cheques®, The Check Cashing Store®, Sefina and
MoneyNow® in Canada, the United Kingdom, the United States, the
Republic of Ireland, Sweden, Finland and Poland. For more
information, please visit the Company's website at www.dfg.com.
Dollar Financial Forward Looking Statement
This news release contains forward looking statements,
including, among other things, statements regarding the following:
pending or recent acquisitions and their expected benefits; the
Company’s future results, growth, guidance and operating strategy;
the global economy; the effects of currency exchange rates on
reported operating results; the developing regulatory environment
in Canada, the United Kingdom, the United States, and other
countries; the impact of future development strategy, new stores
and acquisitions; litigation matters; expected financing
initiatives; and the performance of new products and services.
These forward looking statements involve risks and uncertainties,
including risks related to: the regulatory environments; current
and potential future litigation; the identification of acquisition
targets; the consummation of announced pending acquisitions, the
integration and performance of acquired stores and businesses; the
performance of new stores; the impact of debt financing
transactions; the results of certain ongoing income tax appeals;
and the effects of new products and services on the Company’s
business, results of operations, financial condition, prospects and
guidance; and uncertainties related to the effects of changes in
the value of the U.S. Dollar compared to foreign currencies. There
can be no assurance that the Company will attain its expected
results, successfully consummate announced pending acquisitions,
successfully integrate any of its acquisitions, obtain acceptable
financing, or attain its published guidance metrics, or that
ongoing and potential future litigation or the various FDIC,
Federal, state, Canadian, U.K. 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 Forms 10-Q and 10-K. You should not place any undue
reliance on any forward-looking statements. The Company disclaims
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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