CONCERN over the future of another King Street retailer emerged today.
Jewellers and pawnbrokers, Herbert Brown & Son Limited, has gone into administration.
Part of Albemarle & Bond Holdings Plc, it is the largest pawnbroker in the UK, with 183 branches and almost 900 staff, serving 140,000 customers.
In the North East, there are 12 stores and 55 staff.
Four staff work at the South Shields branch, which continues to trade.
Mike Jervis, joint administrator and partner at Price Waterhouse Cooper, said: “The group expanded its branch portfolio in the period to early 2013 and ended up with too many under-performing outlets. Despite this, large swathes of its shops, remain profitable.
“Our priority is to keep all pledged items safe and available for redemption as normal. We plan to sell all or part of the business to protect as many jobs as possible. However, some redundancies may be necessary depending on the outcome of efforts to sell the business.
“Every branch will initially remain open as sale discussions progress. This also enables customers to continue to redeem their goods as normal as they pay off their loans.”
Customers can call 0844 209 9903 for further assistance.