Last Updated on: 27th February 2024, 09:40 am
The term ‘Pawnbroking’ might evoke images of bygone eras, reminiscent of dimly lit Victorian shops. Yet, fast forward to the present, and you’ll find that Suttons and Robertsons, London’s most venerable pawnbroker since 1770, is thriving more than ever.
Gone are the days of surreptitious visits to ‘Uncle’. Modern clients of Suttons and Robertsons frequent their establishments on the luminous high streets of London’s prestigious areas like Brompton Road in South Kensington. Here, affluent customers consider pawning their luxury items like watches for immediate liquidity needs. The esteemed luxury asset lender also boasts locations in Victoria, Fleet Street, and Edgeware Road.
Items ranging from Rolex Watches and Diamond Bracelets to Hermes Handbags and exquisite art pieces, often symbols of entrepreneurial and city wealth, are commonly pawned by even the well-to-do for reasons as varied as unexpected tax levies, school fees, business expenses, or even holiday plans.
Starting 2024 on a high note, Suttons and Robertsons reports a 30% increase in business compared to the same period in 2023, mirroring the rise in first-time customers. The clientele is diverse, spanning genders equally and showing a notable increase in younger patrons aged 30-45, reflecting a 40% growth over two years.
With an average loan value of £6,000, the clientele of Suttons and Robertsons is discernibly upscale, especially in comparison to the average pawn loan of £400 on the high street. Remarkably, 90% of their customers report an annual income exceeding £100,000.
Customers often seek loans against high-value items such as Rolex Watches, but larger sums are frequently secured against collections of luxury items, including Swiss watches and diamond jewellery from elite brands like Cartier or Bvlgari.
While the majority of pledges consist of watches, gold, and jewellery, the pawnbroker also handles more unique items, including Investment grade wines, Alligator Hermes Handbags, and even high-end vehicles like Lamborghini and Ferrari F12, the latter securing a loan of £340,000 for its owner.
Loans are usually set for a six-month period, though most are settled within three months, with no penalties for early repayment, charging interest only for the months utilised.
The allure of pawnbroking with Suttons and Robertsons lies in the swift access to funds, often available the same day, with the entire process being highly discreet and devoid of credit or affordability checks, given the collateral nature of the loans. Some transactions can even be concluded online, extending the service beyond London.
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.
If you’re in need of quick financial solutions and have assets for a short-term loan or luxury items to sell, Suttons and Robertsons offers the expertise, discretion, and experience you need. A pawn loan from them might just be the answer you’re seeking.
