FirstCash has agreed a recommended cash acquisition of Ramsdens Holdings worth up to approximately £206 million, accelerating the US group’s expansion across the UK pawnbroking, jewelery and financial services market.
The transaction will be completed through Chess Bidco, an indirect wholly owned FirstCash subsidiary. Ramsden’s shareholders are being offered 600p in cash for each share, alongside permitted dividends of up to 9p, creating a total potential value of 609p per share. The offer represents a 35% premium to Ramsdens’ closing price of 453p immediately before the offer period and a 61% premium to the company’s 12-month volume-weighted average price. Ramsdens’ directors intend to recommend the scheme unanimously following advice from Cavendish.
FirstCash will add Ramsdens’ 174 locations across England, Scotland and Wales to an international network that already exceeds 3,300 stores. The companies have limited geographical overlap within the UK, with Ramsdens holding a stronger position across northern England and Scotland while FirstCash’s existing operations have greater representation in southern England. That distribution gives FirstCash greater national coverage without relying heavily on store closures to remove duplication. Ramsdens also brings established operations in foreign currency exchange, precious-metals purchasing and new and pre-owned jewelry retail, adding revenue streams alongside its core pawnbroking activities.
Rick Wessel, FirstCash chief executive and vice-chairman, presented the transaction as a continuation of the group’s long-term expansion strategy. FirstCash expects the acquisition to increase both EBITDA and earnings per share while creating opportunities to use its balance sheet, inventory management systems and operational analytics across the Ramsdens network.
Ramsden’s chief executive Peter Kenyon will bring a business that has expanded considerably since its AIM flotation in 2017. The company has added 50 stores and created more than 300 jobs during that period, while its diversified model has recently benefited from strong gold prices and continued growth across several business divisions. Integration will extend beyond store ownership. FirstCash plans to review Ramsdens’ back-office systems, technology and central functions after completion, with potential savings expected through procurement, administration, operating platforms and funding. Some roles connected with Ramsdens’ status as a publicly traded company, along with overlapping central positions, are expected to be removed, although FirstCash does not anticipate a material reduction in the group’s overall workforce of 877 employees.
No material changes are currently planned for Ramsdens’ headquarters, physical estate or principal places of business. The existing management team and workforce are expected to play a continuing role within the combined operation, while FirstCash has indicated that further capital could support lending growth in existing stores and expansion of the Ramsdens brand.
Completion remains subject to shareholder approval, regulatory conditions and court sanction under a scheme of arrangement. The acquisition is expected to become effective during the second half of 2026. Ramsdens would then leave AIM and be re-registered as a private company, with its non-executive directors stepping down once the scheme takes effect.
Jefferies is acting as sole financial adviser to FirstCash and Chess Bidco, while Cavendish is advising Ramsdens and serving as its Rule 3 adviser. Alston & Bird and Gowling WLG are providing US and English legal advice respectively to FirstCash and Bidco. Addleshaw Goddard is advising Ramsdens.
The acquisition gives FirstCash greater scale in a market where operational reach, inventory management and access to funding can create substantial advantages. The next test will be whether it can integrate Ramsdens’ more diversified retail and financial services model without weakening the brand, customer relationships or local knowledge that makes the company an attractive target.
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