Cash Generator
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|
| Private Limited | |
| Industry | Retail |
| Founded | 14 February 1994 |
| Headquarters | Bolton, United Kingdom |
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Number of locations
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223 (2013) |
| Products | Retail of new, second hand, and refurbished household goods |
| Services | Pawnbroking, money transfer, currency exchange |
| Revenue | £30 million (2013) |
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Number of employees
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1250 (2013) |
| Website | www |
Cash Generator is a United Kingdom-based national pawn broker. 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, Sell & Loan 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. Recently the company featured on The One Show and was found to be selling second-hand items with the previous owners' personal information still intact.
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 28 new corporate stores each year, and 21 new corporate stores in 2011. The company opening twelve new franchise stores in 2012, and 29 new franchise stores in 2011. 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.
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'."
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.
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