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Pawnbrokers Albemarle & Bond have announced that they are currently taking administration advice – but have promised to do their best to safeguard ‘pledged’ items during the process.

Many customers use their possessions as collateral for short-term loans, rather than ‘selling’ them to a pawnbroker outright.

That could reasonably raise concerns for those individuals on the news that Albemarle are taking administration advice at present, as it is not immediately clear how the announcement affects customers’ rights to regain their property.

A statement from the company’s administrators said: “Our priority is to keep all pledged items safe and available for redemption as normal.”

They stressed that all staff have been paid in full, including any bonuses due, up to and including March, and all landlords have been paid.

But they added: “Some redundancies may be necessary, depending on the outcome of efforts to sell the business.”

At present, all branches are due to remain open as normal.

The statement clarified that this means pledged items can continue to be redeemed, as long as any attached loans are repaid as required.