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Monday, April 15, 2024

Suttons and Robertsons: Transforming Pawnbroking in 2024

Pawnbroking often conjures visions of a bygone era, complete with dim, Dickensian storefronts. However, 150 years on, Suttons and Robertsons, established in 1770 and London’s most historic pawnbroker, is experiencing unprecedented growth.

In today’s world, clients of Suttons and Robertsons are found on the sunlit streets of London’s upscale districts such as South Kensington’s Brompton Road, engaging in pawn transactions for high-end items during financial pinch points. With branches also in Victoria, Fleet Street, and Edgeware Road, the company caters to a clientele seeking to pawn luxury assets like watches and jewellery.

The range of items pawned reflects the wealth of its clientele, from Rolex Watches and Hermes Handbags to fine art, often pawned by those in the upper echelons of society facing sudden financial needs like tax bills, school fees, or imminent holiday expenses.

Suttons and Robertsons has seen a 30% increase in business early in 2024, paralleled by a rise in first-time patrons. The customer base is diverse, spanning all genders and increasingly younger, with a significant uptick in those aged 30-45.

The pawnbroker stands out with an average loan amount of £6,000, highlighting the affluent nature of its clientele, in stark contrast to the high street pawn average of £400. A staggering 90% of their customers boast incomes over £100,000 annually.

Loans are often secured against singular high-value items like a Rolex, though larger loans may involve collections of luxury items from brands such as Cartier and Bvlgari.

While watches and jewellery account for the majority of items pawned, the broker also deals in unique assets like Investment grade wines and exotic Hermes Handbags, with one customer securing a £340,000 loan against a Ferrari F12.

The loans, designed for a six-month tenure, are typically settled within three, with no penalties for early repayment, charging interest only for the duration the loan is held.

The appeal of Suttons and Robertsons lies in the rapid access to funds, discretion, and the absence of credit checks, with some transactions possible online for those outside London.

Pawnbroker loans are a strategic choice for asset-rich individuals needing short-term financial solutions, with a redemption rate of over 95% among Suttons and Robertson’s customers. Should a customer decide against reclaiming their asset, it’s sold at the best price, and any excess funds are returned to them.

Some customers upon visiting the store decide they would rather sell their luxury item, and instead choose to accept a fair price for their goods instead. Selling your watch or other luxury valuables to Suttons and Robertsons can be a practical way of realising the value tied up in no longer wanted or worn jewellery and watch items without having the hassle and fees of auctions or dealing with identifying trustworthy members of the public.  

For those in need of quick financial solutions, either through short-term loans against assets or by selling luxury items, Suttons and Robertsons offers a blend of discretion, expertise, and experience, providing a potential solution to your financial needs.

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