Five questions for: James Constantinou, founder, Prestige Pawnbrokers

Prestige Pawnbrokers secures loans against high-end assets.

 

exterior of a branch of prestige pawnbrokers, richmond upon thames, surrey, england

What does your company do?

Prestige Pawnbrokers has become synonymous with securing loans against almost any high-end asset in a time when banks are unable to assist. The ability to transact within days, if not hours, of the initial appraisal has propelled it to the top in this sector.

What is your greatest achievement?

Taking an idea and developing it into the country's leading asset lender in a sector that had stagnated for decades. Working closely with Channel 4 for the production of the show Posh Pawn was a major coup, with over 50 one-hour shows transmitted and repeated globally over the past six years. This secured the brand pole position in an area previously untapped by many lenders. The publicity has ensured that the public became aware that there were other options out there; the high-street bank was no longer the only choice.

What has been your biggest challenge?

Pursuing further growth in a heavily regulated industry. Securing financial support from the usual institutions has proved to be difficult, but thinking outside of the box in terms of raising growth capital has enabled us to take the business to the next level.

What are your plans for hitting your targets?

Opening more stores while adapting the business in respect of the recent downturn in retail, but the inevitable upturn in borrowing. We are cheaper than a high-street bank for short-term borrowing; that is still something the public need to be made aware of.

What's the one piece of advice you'd give fellow entrepreneurs?

A good entrepreneur will try to reduce the risks in any venture, but the desire for gain must be greater than the fear of loss.

Recommended

Small business: how to chase late-paying customers
Small business

Small business: how to chase late-paying customers

Many small business have trouble getting their customers to pay up on time. Here's what you can do about it.
23 Jan 2020
Don’t squeeze our entrepreneurs with higher taxes
Economy

Don’t squeeze our entrepreneurs with higher taxes

Britain’s entrepreneurs and business innovators get generous tax breaks. They should keep getting them.
17 Nov 2019
Craig Newmark: the nerd who shook up the media giants
People

Craig Newmark: the nerd who shook up the media giants

Twenty-five years ago, Craig Newmark lost his job at a brokerage and fired off an email to friends. That seeded a venture, Craigslist, that dominates …
26 Oct 2020
Mukesh Ambani: the Indian billionaire eyeing global expansion
People

Mukesh Ambani: the Indian billionaire eyeing global expansion

Mukesh Ambani is already the richest man in India by a large margin, but his ambitions do not end there. He wants India to be at the front of the worl…
19 Oct 2020

Most Popular

The Bank of England should create a "Bitpound" digital currency and take the world by storm
Bitcoin

The Bank of England should create a "Bitpound" digital currency and take the world by storm

The Bank of England could win the race to create a respectable digital currency if it moves quickly, says Matthew Lynn.
18 Oct 2020
Don’t miss this bus: take a bet on National Express
Trading

Don’t miss this bus: take a bet on National Express

Bus operator National Express is cheap, robust and ideally placed to ride the recovery. Matthew Partridge explains how traders can play it.
19 Oct 2020
Three stocks that can cope with Covid-19
Share tips

Three stocks that can cope with Covid-19

Professional investor Zehrid Osmani of the Martin Currie Global Portfolio Trust, picks three stocks that he thinks should be able to weather the coron…
12 Oct 2020