Global Pawn Expansion
FirstCash Holdings Expands UK Presence with 206 Million Acquisition of Ramsdens
Anonymous
Key Points
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The deal values Ramsdens at up to £206 million with a premium of 46% to the three-month volume-weighted average price and 58% to the 12-month average price, and an enterprise value on a pre-IFRS 16 basis of up to about £203 million.
2
The acquisition is to be implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, with Ramsdens shareholders receiving 600p in cash per share plus permitted dividends of up to 9p per share (comprising a 6p interim and a 3p special dividend) payable on October 9, 2026.
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Ramsdens generates revenue beyond pawnbroking, including foreign currency exchange and precious metals purchasing, expanding cross-selling opportunities for FirstCash in the UK alongside its core pawn operations.
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Ramsdens’ board unanimously recommended the deal to shareholders, signaling strong management support for the transaction despite the premium and delisting considerations.
Texas-based pawn giant FirstCash Holdings has agreed to buy UK retailer Ramsdens Holdings for about £206 million, according to Yorkshire Post. The deal offers Ramsdens shareholders 600 pence per share in cash — a 33% premium to the previous day's closing price — plus a dividend of up to 9 pence per share.
The announcement, made on June 23, 2026, sent Ramsdens shares surging 30% to 590 pence in early trading, Insider Media reported. It marks FirstCash's second major UK acquisition in just 13 months, cementing its grip on the British pawnbroking market.
A 609p Payday for Ramsdens Shareholders
Each Ramsdens shareholder gets 600 pence in cash plus permitted dividends worth up to 9 pence — a 6 pence interim dividend and a 3 pence special dividend — payable on October 9, 2026, according to Market Screener. That 609 pence total values Ramsdens' equity at roughly £206 million, or about $273 million.
The premium is steep. The offer sits 46% above Ramsdens' three-month volume-weighted average price and 58% above its 12-month average, GuruFocus noted. Ramsdens' board unanimously recommended the deal. Non-Executive Chair Simon Herrick said the share price had "not fully kept pace with the group's positive profit," making a cash exit attractive for shareholders.
FirstCash Now Owns the UK's Two Biggest Pawn Chains
FirstCash already operates over 3,300 pawnbroking stores across the US, Latin America, and the UK, Insider Media reported. It bought rival UK chain H&T Group in August 2025 for £297 million, adding 286 stores. The Ramsdens deal adds 174 more locations across England, Scotland, and Wales.
Together, the two UK brands create a network of nearly 470 stores. FirstCash CEO Rick Wessel said the deal provides "immediate scale" and "long-term growth opportunities" in the UK. The company expects the acquisition to be immediately accretive — meaning it will boost both EBITDA and earnings per share from day one.
Gold Rush Drove Ramsdens' Record Profits Before the Deal
Ramsdens was riding a golden wave before the takeover. Gold prices averaged over £40 per 9-carat gram in early 2026, helping the company double its pre-tax profit year-on-year to £16.7 million in the first half of FY26, according to LSE. The company had also upgraded its full-year profit guidance to £18 million in January.
Ramsdens earns money from more than pawn loans. It also runs foreign currency exchange and buys precious metals — businesses that give FirstCash new cross-selling opportunities in the UK. CEO Peter Kenyon said he was proud of the "transformational growth" since Ramsdens' 2017 IPO, noting the company added 50 stores and 300 jobs in under a decade.
Court Approval Required, AIM Delisting Expected by Q4 2026
The deal is structured as a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. That means 75% of shareholders present and voting must approve it. Directors holding 4.13% of shares have already pledged to vote in favor, Market Screener reported.
Once approved, Ramsdens will delist from AIM — the London Stock Exchange's junior market for smaller companies. Some analysts see the move as part of a wider trend of UK firms being bought cheaply by US companies due to depressed London valuations. The Competition and Markets Authority will also need to clear the deal, though FirstCash is confident in receiving "customary clearances." Completion is expected in Q4 2026.
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