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Cash Converters said it would sell its British stores and a £8. 7 million (16. 9 million) personal loan book, while lifting investment in Australia.
It said the British network had "struggled in tough trading conditions" and it would "go back to basics" by selling its corporate stores and acting as a master franchisor. It also said it would stop operating auto financing business Carboodle because its volume growth had been too low. It would instead change to a secured motor-lending business. It plans to expand operations in Australia, offering a wider range of loans to include "medium amount" loans of up to 5000.
More than 1 million Australians are estimated to take out a payday or short-term credit contract loan each year. In 2012, the market was between 800 million muthoot finance personal loan details 1 billion.
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