Pawnbroker Albemarle & Bond’s profits jumped 19 per cent in the six months to December 31 as consumers sought alternative credit sources because of banks' 'inflexible' lending practices.

The company revealed that pre-tax profits climbed to£6.2m, while revenues rose to£26.5m from£24.9m, as consumers pawned gold chains and wedding rings.

Albemarle & Bond expects to expand as more retailers hit the buffers and stores become available.

Chairman Charles Nicolson said there had been a “good trading performance” during the period.

He said: "The mainstream banking sector has become increasingly automated and inflexible, creating demand for more personalised, flexible and transparent lending.

"We expect pawnbroking, which represents 75 per cent of group revenues, to continue to benefit from the reduction in mainstream lending.”

However Nicolson said the retail market was “difficult” and that Albemarle & Bond’s financial services arm suffered in the first half.

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