Cash Converters

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Cash Converters International Limited
Public
Traded as ASXCCV
Industry Retail Pawnbroker, finance
Founded 1984 in Perth, Western Australia
Founder Brian Cumins
Area served
Australia, UK, South Africa, Canada, US, Spain, France, New Zealand
Total equity EZCorp 30% of shares
Website www.cashconverters.com

Cash Converters International Limited is a Australian retail pawnbroking company which also provide small financial loans.[1] It has international franchise operations in many countries such as United Kingdom, South Africa, Canada, United States and Spain.

History[edit]

This company began in Perth, Western Australia, in 1984. It was founded by Brian Cumins and a group of partners. In four years, the partners were operating seven outlets in the Perth area.

Services[edit]

Most Cash Converters stores offer a number of services in the retail, pawnbroking and personal finance sectors.

International[edit]

Cash Converters International (CCV) is a franchised retail network listed on the ASX and London Stock Exchange. Cash Converters trades in 16 countries throughout the World. Cash Converters began trading in the United Kingdom in 1992, New Zealand in 1993, South Africa in 1994, France in 1994, Canada in 1995, Spain in 1995 and the United States in 1994.

A number of countries, including Australia and the United Kingdom, operate online retail channels with stock being sold and/or auctioned. Listed stock carries warranties.

Cash Converters UK were the first to hold an online charity auction for the charity Dreams Come True.

Cash Converters charge a current rate of interest of 33% (35% in Victoria, Australia) per month, making their annual interest over 350% on the principal loan.

Cash Converters UK charge a flat fee of 32.5% on their Buybacks with an option to pay an extension fee after 28 days.

South Africa[edit]

Cash Converters South Africa
Public
Industry Retail
Founded 1994 in Cape Town, South Africa
Website www.cashconverters.co.za

Cash Converters started operating in South Africa in 1994 with a pilot site in Parow, Cape Town. Franchising began in late 1995 and since then Cash Converters Southern Africa has sold over 66 branches. Cash Converters Southern Africa offers buying and selling options on many products, including cellphones, furniture, musical instruments and much more.

Cash Converters Southern Africa also offers a number of small short-term personal finance options against a customer’s next salary.

Cash Converters Southern Africa is a pawnbroker and offers short term loans against a customer’s goods and valuables.

Cash Converters is currently one of South Africa’s most profitable franchise operations, and in 2014 and 2015 they were runners up at the Franchise Association of South Africa’s Franchisor of the Year awards.


Cash Converters Malaysia

MALAYSIA[edit]

Cash Converters Malaysia
Public
Industry Retail
Founded 2001 in Petaling Jaya, Malaysia
Website www.cashconvertersasia.com

There are 7 stores in Malaysia. The first Cash Converters Malaysia store opened in 2001 at Taman SEA PJ. 4 other outlets within the state of Selangor in Ampang, Klang, Sunway and Shah Alah, and 1 in Setapak Kuala Lumpur, with total of 6 stores in the Klang Valley. Over in Plentong Johor Bahru is where the 7th store is located. Cash Converters offers an alternative to selling via the classified adverts in newspapers, car boot sales or over the Internet. The advantage is the immediacy of the process, as instant cash is paid once the price has been agreed. Cash Converters takes in household products such as TV’s, Hi-Fi, Electrical Appliances, Computers, Jewelry, Sporting Goods, Musical Instruments etc. Items such as Clothing, Books and Magazines, Bulky Furniture and Large Electronics such as Refrigerators and Washing Machines are usually not traded. All goods that the public sell to Cash Converters must be in working condition and have a resale value. Customers who visit the Buys Room tend to be those who are upgrading and are looking to sell their old item to help finance a new purchase. There are also those who need some extra cash – and can get it by selling items that they no longer need or use. Each Cash Converters store is divided into two sections: the Buys Room (where individuals can go to a counter to sell their goods) and the Retail Section (where individuals can browse and shop through our large selection of used and new goods).

Ampang Point Store 96 & 97, Lorong Mamanda 2, Ampang Point, 68000 Ampang, Selangor Darul Ehsan, Malaysia Tel: 603 4252 5025 Fax: 603 4252 5027 Ampang Retail Timing Daily 10:00am to 8:00pm

Klang Store 30-0 & 32-0, Ground Floor, Lor. Batu Nilam, 4B Bandar Bukit Tinggi, 41200 Klang, Selangor Darul Ehsan, Malaysia Tel: 603 3323 9759 Fax: 603 3323 9758 Klang Retail Timing Daily 10:00am to 8:00pm Klang Buys Timing Daily 10:00am to 7:00pm

Setapak store A-01-01, Starparc Point, Taman Danau Kota, Setapak, 53300 Kuala Lumpur, Malaysia Tel: 603 4131 6655 Setapak Retail Timing Daily 10:30am to 8:30pm Setapak Buys Timing Daily 10:30am to 7:00

Shah Alam store 32 & 34, Grd Floor, Jalan Tengku Zabedah D 9/D, Seksyen 9, 40100 Shah Alam, Selangor Darul Ehsan, Malaysia Tel: 603 5510 3661 Shah Alam Retail Timing Daily 10:30am to 8:30pm Shah Alam Buys Timing Daily 10:30am to 7:00pm

Sunway mentari store No. 23 Jln Jalan PJS8/18, Sunway Mentari, 46150 Petaling Jaya, Selangor Darul Ehsan, Malaysia Tel: 603 5630 1008 Fax: 603 5630 1006 Sunway Retail Timing Daily 10:00am to 8:00pm Sunway Buys Timing Daily 10:00am to 7:00pm

Sg Besi store 70, 72 & 72A, Jalan Tasik Utama 5, Medan Niaga Tasik Damai, Sg. Besi 57000 Kuala Lumpur Malaysia Tel: 603 9054 1320 Fax: 603 9054 8926 Grand Opening 30th May 2015 ( Saturday ) 10.30 A.M-9.00P.M Sg Besi buys timing 10.30A.M-7.00P.M

Petaling jaya store No. 57 Jalan SS23/15, Taman SEA, 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia Tel: 603 7880 1178 Fax: 603 7880 7290 Taman SEA Retail Timing Daily 9:30am to 7:00pm Taman SEA Buys Timing Daily 9:30am to 7:00pm

Plentong Johor Store @ Giant Hypermarket Plentong CP18E 3 Jalan Masai Lama, Mukim Plentong, 81750 Johor Bahru, Malaysia Tel: 607 352 8180 Fax: 607 352 8182 Store Timing Daily 10:00am to 9:00pm

Ownership[edit]

Cash Converters is a publicly listed company trading on the Australian stock exchange (CCV).

In November 2009, EZCorp purchased a 30% stake in Cash Converters. It now has two people on the board of the company.[2]

Class action lawsuit[edit]

Two class actions have been launched in the Federal Court of Australia on allegations that Cash Converters charged excessive fees and interest on short term loans.[3] Over 50,000 customers have joined to seek about $40 million in compensation.[4][5]

References[edit]

  1. ^ André Sammartino (2007), 'Retail', in Dick, H. & Merrett, D. (eds.), The Internationalisation Strategies of Small-Country Firms: The Australian Experience of Globalisation, Edward Elgar: Cheltenham, UK, pp.175-194.
  2. ^ http://www.cashconverters.com/default.aspx?MenuID=19
  3. ^ Rolfe, John. "Sydney woman wants ‘justice’ after consumers allegedly paid Cash Converters 633 per cent interest". The Daily Telegraph. Retrieved 25 May 2015. 
  4. ^ Wells, Jamelle. "Federal Court ruling paves way for class action against Cash Converters over personal loans". ABC News. Retrieved 25 May 2015. 
  5. ^ Wellings, Helen. "Pay Day Loans". 7Perth. Retrieved 25 May 2015. 

External links[edit]