FirstCash buys Ramsdens for £206m in UK pawn sector consolidation

FirstCash Holdings Inc. agreed to acquire Ramsdens Holdings Plc for about £206 million, extending its UK pawnbroking footprint months after buying H&T Group in a deal that values the British lender at a 35% premium.

"Ramsdens represents a compelling opportunity for FirstCash to further grow its business in the UK market," Rick Wessel, chief executive officer and vice-chairman of FirstCash, said in a statement.

FirstCash will pay 600 pence per share in cash plus an interim dividend of as much as 9 pence, valuing the Stockton-on-Tees-based company at about £206 million on a fully diluted basis, or $273 million. The offer represents a 35% premium to Ramsdens' closing price before the announcement and exceeds its all-time high of 493 pence by 22%. Ramsdens shares surged 30% to 590.10 pence in London trading Tuesday.

The acquisition cements FirstCash's position as the largest publicly traded pawn platform across the US, Latin America and the UK, adding 174 locations to a network of more than 3,300 stores. The deal is expected to close by the end of 2026, subject to shareholder and regulatory approvals. Jefferies LLC advised FirstCash, while Cavendish advised Ramsdens.

Ramsdens generated $200 million in revenue and $40 million in adjusted EBITDA over the trailing 12 months ended March 31, according to the companies. The business employs 877 people across England, Scotland and Wales, offering pawnbroking, foreign currency exchange and jewelry retail through physical stores and online channels.

The transaction marks FirstCash's second major UK acquisition in just over a year, following the £297 million purchase of H&T Group Plc in 2025. The Fort Worth, Texas-based company, which trades on the Nasdaq with a market value of about $10 billion, said the combination will provide immediate revenue and earnings accretion and enhance long-term growth through expanded scale and operating efficiencies.

Simon Herrick, non-executive chair of Ramsdens, said the share price had not fully kept pace with profit and earnings-per-share growth, making the cash offer an attractive exit for shareholders. "Unfortunately, the share price has not fully kept pace with the group's positive profit and earnings per share growth," Herrick said.

The deal requires approval from Ramsdens shareholders and customary UK regulatory clearances. If completed, it would remove another listed company from London's AIM market, following a trend of UK-listed firms being acquired by larger international buyers.

This article is for informational purposes only and does not constitute investment advice.