Suttons & Robertsons

Suttons & Robertsons
Industry Pawnbroker
Predecessor TM Sutton (1770–2006) and Robertsons (1797–2006)
Founded London, UK (1770)
Founder Thomas Miller Sutton
Headquarters London, UK
Parent Dollar Financial Group
Website www.suttonsandrobertsons.co

Suttons & Robertsons is a UK-originated high end pawnbroker and lender which provides short-term loans secured against personal assets and collaterals. It has nine store locations across the UK, one in Spain, and one store in the US. Founded as a result of a 2006 merger between the London pawnbrokers TM Sutton (founded 1770) and Robertsons (founded 1797), the company was purchased in 2010 by the Dollar Financial Group.

Early history

Suttons & Robertsons has focused on wealthy clientele, dealing with luxury or high-end items exclusively, since the inception of each of the founding firms.[1] The company is the result of the merger of the two oldest pawn brokerages in London, Robertsons and TM Sutton. TM Sutton was founded by Thomas Miller Sutton in 1770. The original site was on the corner of Bressendon Place and Stag Place in Victoria, London. The Company moved premises in the late Victorian period to 156 Victoria Street. In 1934 TM Sutton purchased the building beside, and used the combined property to build its new headquarters the Sutton House in 1935. Sutton House stood until 2013. Robertsons was a family-owned pawnbroker founded in 1797, which remained family-owned until the 1960s. The two firms merged to form Suttons & Robertsons in 2006,[2] headquartered in the Sutton House, which has been named an English Heritage building.[3]

Early in the history of both brokerages, the collateral loans companies were known for dealing with aristocratic families looking to bridge periods of financial distress or take out discrete loans for other purposes. In the 1930s, one of TM Sutton's clients was Alexandre Stavisky, who pawned the French crown jewels. A significant diplomatic incident resulted over this, with the British government siding with TM Suttons; agreeing that the business had lent the money in good faith. The French government was told that if they wanted the items back, they effectively had to pay all loans, which they did.[4] In the 1930s TM Sutton had additional locations in Cannes, Paris, and Berlin. These were taken over by the Third Reich during World War II, which destroyed all the records held at those locations.[3] The Victoria railway station was built near the location of the TM Sutton building, which provided clients travelling out of town during the 19th and 20th centuries with convenience.[5] Suttons & Robertsons is London's oldest continuously operating pawnbroker.[2]

The 2000s

Following the 2006 merger of Suttons & Robertsons, the company began opening multiple new locations in the UK.[6] In 2010 the company was acquired by Dollar Financial Group, a US-based financial services group, for approximately $25 million,[4] at which point it was the fourth largest pawnbroker in the UK.[7] DFC Global Corp has pawnshops and collateral lenders in ten different countries.[8][9] By 2014 Suttons & Robertsons operated nine stores across the UK, one store in Madrid, Spain and in early 2014 the company opened its first US location with a flagship store in New York City, US. In December 2013, the company developed a help fund for the victims of Typhoon Haiyan, partnering with Jill Zarin and the American Red Cross.[10] In early 2014, the company opened its first US location in New York City.[11] Items accepted by Suttons and Robertsons have included vehicles, art, jewelry, and watches.[10][12] The New York location has a display of items for sale as well, in addition to a private salesroom for more sensitive items.[13]

The company's main clientele has been described as those with "lumpy incomes"—i.e., individuals who are paid large sums sporadically or who require immediate heavy investments in order to see a return. Most loans are repaid within 4 to 12 months, and if the loan is not repaid then the item is forfeited and sold with any profit going back to the owner of the item. In order to recover the item, the principal must be paid in addition to the monthly interest of the loan. The funds received in exchange for collateral are generally received by the client within the same day for items where the market value is easily ascertainable, and within a day or two for more obscure items.[4] Loan amounts available to clients can include those in excess of $1 million,[1][14] Collateral items can include watches, art, jewelry, yachts, private jets, and automobiles,[15][16] which it began accepting as collateral in 2012.[17] The monthly interest rate varies depending on country and state and are all strictly in accordance to local government regulations. The company also has policies in place to prevent them from accepting stolen items.[5][18]

References

  1. 1 2 "Need Cash? Own a Bentley? Take a Pawn Ticket". New York Times. January 12, 2014. Retrieved July 4, 2014.
  2. 1 2 "About Us". Retrieved July 4, 2014.
  3. 1 2 "Sutton House". English Heritage. Retrieved July 4, 2014.
  4. 1 2 3 Robert Milburn (February 10, 2014). "Haute Pawn Shop". Barrons. Retrieved July 4, 2014.
  5. 1 2 Zoe Brennan (July 23, 2008). "NEVER TOO POSH TO PAWN; Pot of Gold: Michael Ayres, Manager at Suttons & Robertsons, with Some of His Deposits". Daily Mail. Retrieved July 4, 2014.
  6. ↑ Phil Robinson (July 14, 2012). "There's nothing seedy about the new pawn industry: Why the rich are heading to the pawnshop with their Bentleys and Rolexes". Daily Mail. Retrieved July 4, 2014.
  7. ↑ "Dollar Financial Expands in U.K.". Zacks Investment Research. January 4, 2010. Retrieved July 4, 2014.
  8. ↑ http://www.bostonglobe.com/business/2014/01/13/shop-for-upper-crust-discreetly-add-some-liquidity/YRuIIEgA82Qaoe1ECxQEaM/story.html
  9. ↑ Liz Moyer (January 31, 2014). "Where to pawn your Warhol". Wall Street Journal. Retrieved July 4, 2014.
  10. 1 2 http://www.nydailynews.com/entertainment/gossip/confidential/today-hot-styles-kendall-article-1.1554441
  11. ↑ Aaron Elstein (March 16, 2014). "Pawnshops for the wealthy". Crain's New York Business. Retrieved July 4, 2014.
  12. ↑ http://www.bizjournals.com/kansascity/blog/morning_call/2014/01/pawn-shop-caters-to-rolls-and-rolex.html?ana=RSS&s=article_search
  13. ↑ http://www.nytimes.com/2014/01/13/your-money/need-cash-own-a-bentley-take-a-pawn-ticket.html?_r=0
  14. ↑ John Husband (October 1, 2008). "YOUR MONEY: Pawn on the High Street; as Banks Make It Tougher to Get a Loan, More of Us". The Mirror. Retrieved July 4, 2014.
  15. ↑ "Pawn shop caters to Rolls and Rolex crowd". Kansas City Business Journal. January 13, 2014. Retrieved July 4, 2014.
  16. ↑ "'The amount of people who have rung up and asked will we take a horse'". The Irish Times. September 25, 2010. Retrieved July 4, 2014.
  17. ↑ "Forget Dickens, It's a Middle-Class Thing about Paying the School Fees; PAWNBROKERS". The Mail on Sunday. July 4, 2014.
  18. ↑ Harriet Arkell (June 7, 2001). "Jobless MPs could turn to pawn". The Standard. Retrieved July 4, 2014.

External links

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