nsored Links
-->

Friday, May 11, 2018

Cash Generator

Get all your Christmas gifts wrapped up for £150
src: mediaserver.responsesource.com

Cash Generator is a United Kingdom-based Buy and Sell store. Its headquarters were in Bolton, Greater Manchester. The retailer opened its first store in Bolton in February 1994. The company has expanded, with corporate and franchise stores, and currently has 223 stores across the United Kingdom (2017).

The company describes itself as 'The Buy and Sell Store'. Its core business is the buying and selling of second hand goods, mainly electrical and entertainment products. The retailer also offers a range of competitive financial services.


Video Cash Generator



History

Cash Generator was founded in 1994, by British businessman Brian Lewis. Having noticed the success of a similar business in the United States, he decided to emulate the business model in the United Kingdom, and opened his first store in Bolton, Greater Manchester on Valentine's Day 1994. After opening 15 corporate stores in the North of England, Lewis launched the franchise network, opening the first franchise store in 1997.

Cash Generator has rapidly expanded in recent years, opening, on average, 28 new corporate stores each year. In 2011 they opened 21 new stores and the company moved in to franchising. This allowed a further 29 stores ran by franchisees to open that same year. By 2015, Cash Generator owned 223 stores. In January 2013, Cash Generator recruited a new managing director, Allan May, who had previously been head of operations at Comet, whom ceased trading the previous month.

In April 2014, Cash Generator unveiled a new logo.

Company name

Within the first year of opening, the company changed its name to Cash Generator. Brian Lewis decided upon the name after changing other elements in response to customer feedback: "When theory hits practicality, practicality always wins. For instance, the original name was 'Paragon', but we changed it because it didn't say what we did. We are a 'cash generator'."

Ownership and acquisitions

Cash Generator was 100% owned by Lewis from February 1994, until April 2008, when a management buyout was staged by three directors and in conjunction with New World Corporate Finance. The acquisition meant that the founder Lewis was bought out, remaining as a shareholding non executive director. The three directors included Julian Urry, Managing Director of Cash Generator, from 2004, previously CEO of Cash Converters, Robin Page, Franchise Director and Steve Wilkinson, Finance Director. In 2012 Axcess Financial Services Group Purchased Cash Generator to help expand its loan business - it already operated Cheque Centres Ltd. In 2017 Axcess sold Cash Generator to investors Rcapital www.rcapital.co.uk

Expansion through franchising

Today, 80% of Cash Generator stores are owned and operated by franchisees, with many franchisees opening multiple stores, with some owning up to 8 stores.

Addition of out of town stores

In February 2010, the company launched its new 'Express' store concept, opening stores on select trunk roads and arterial routes, with high visibility and easy access for local residents.


Maps Cash Generator



Operations

As of May 2018, there are 223 Cash Generator stores operating in the United Kingdom, the majority of which are franchise operations.

The average store receives 5,000 visits a week. In 2009, the company launched CashGenerator.co.uk as a fully transactional website that allows customers to browse and shop online.

Retail operations

Most Cash Generator stores have three counters; retail, buying and financial.

The core businesses activity is the buying and selling of second-hand goods, mainly electrical and entertainment products such as televisions, DVDs, games consoles, mobile phones, cameras, laptops, tablets and musical instruments. In addition to second-hand items, the stores also sell new and refurbished domestic goods.

Buying Counter

In each Cash Generator, the buying counter offers customers cash for their unwanted household goods and gold. The retailer also offers a Bring "n" Buyback service, offering customers the opportunity to sell an item for instant cash but with the option to buy back the goods within 28 days, or renew for another 28 days. In addition, Cash Generator offers a pawnbroking service, turning gold or jewellery into cash with an unlimited six-month loan against the value of goods.

Cash Generator only buys from over 18s, and two forms of ID are required, including photo identification and proof of address to avoid fraud. Since 1994, Cash Generator claims to have purchased over 35 million items from the public in the United Kingdom.

Financial services

Cash Generator offers a range of financial services, including cheque cashing, money transfer, foreign currency exchange. The company has a partnership with Western Union and Number One Currency. In 2015, the company ceased issuing short-term loans as the market for Payday Loans became more heavily regulated. Services vary in each store so check out availability via the website.


Opinions on Cash Generator
src: mediaserver.dwpub.com


Corporate affairs

Since its establishment in 1994, the company has shown year on year growth in all its income streams in every year it has been trading. In 2009, the total retail sales of the group amounted to £73.6 million; overall gross profits were £30.1 million.

Management buyout and subsequent acquisition

On 9 April 2008, three directors, Julian Urry, financial director Steve Wilkinson and franchising director Robin Page, with additional finance from New World Corporate Finance bought out founder Brian Lewis, forming a new company (Cash Generator Holdings Limited) in the process. Lewis remained as a shareholding non executive director.

In December 2010, the company was acquired by United States-based financial services group Axcess Financial, for an undisclosed sum.

Franchise model

Since 1997, the business has grown mainly through franchising. The total investment required to start a Cash Generator franchise has been estimated between £200,000 and £250,000. Of this figure, between £70,000 to £80,000 is expected to be personal investment. The company is currently inviting applications from Master Franchise partners for overseas markets in Europe.

Logos and slogans

Stores originally carried the strapline "The Buy & Sell Store". To reflect the increasing availability of financial services, the slogan has been updated to "The Buy, Sell & Loan Store".

Charity connection

Since 2008, the company's adopted charity is the Make-A-Wish Foundation of the United Kingdom. The charity's logo appears in the company's television advertising.


Loan Shop Cash Generator shop Worcester Worcestershire England UK ...
src: c8.alamy.com


Trade Bodies and Accreditations

The company has the following memberships and accreditations:

  • British Franchise Association (BFA)
  • Consumer Finance Association (CFA)
  • National Pawnbroking Association (NFA)
  • Investors in People

Cash Generator high street shop Stock Photo, Royalty Free Image ...
src: l450v.alamy.com


References


Branch of Cash Generator in Oxford, Oxfordshire Stock Photo ...
src: c8.alamy.com


External links

  • Company website
  • Information for franchises

Source of the article : Wikipedia