The notion of pawnbroking might bring to mind historical settings with dimly lit shops from another era. Yet, in a remarkable twist, Suttons and Robertsons, the oldest pawnbroker in London established in 1770, is flourishing, showcasing the enduring relevance of pawnbroking in modern times.
Nowadays, customers of Suttons and Robertsons are found in the well-lit and bustling streets of London’s elite neighbourhoods, such as South Kensington’s Brompton Road. Here, individuals of wealth consider pawning their premium watches and luxury items to address short-term financial needs. The company also extends its services through its branches in Victoria, Fleet Street, and Edgeware Road.
From prestigious Rolex Watches and Diamond Bracelets to sought-after Hermes Handbags and valuable art, assets typically associated with significant wealth are pawned by affluent individuals to manage sudden financial obligations, ranging from tax bills to luxury vacations.
Entering 2024, Suttons and Robertsons has seen a significant 30% uptick in business activity compared to the beginning of 2023, alongside an increase in first-time pawnbroking clients. The clientele is diverse, with an increasing trend among younger adults aged 30-45, indicating a shift in the pawnbroking demographic.
With an average loan size of £6,000, Suttons and Robertsons caters to a clientele that is markedly more affluent than the average pawnbroking customer, with 90% of their clients earning over £100,000 annually.
Although many clients pawn single high-value items like Rolex Watches, others looking for larger loans may offer collections of luxury Swiss watches or diamond jewellery from renowned brands such as Cartier or Bvlgari.
While the majority of items pawned are watches, gold, and jewellery, the pawnbroker also handles unique items, including investment-grade wines and exotic Hermes Handbags, with one individual securing a £340,000 loan against a Ferrari F12.
Loans are usually structured for a six-month period, though most clients settle their loans within three months, with the system designed to be free from penalties for early settlement, charging interest only for the duration of the loan.
What sets Suttons and Robertsons apart is the rapid availability of funds, often on the same day, coupled with a discreet service that bypasses the need for credit checks, as the loans are secured against the value of the items pawned. For those residing outside London, some transactions can be facilitated online for added convenience.
Pawnbroker loans from Suttons and Robertsons provide a viable short-term financial solution for those with valuable assets in need of immediate liquidity. The majority of clients, over 95%, reclaim their pawned items, indicating a strong attachment to their assets. For those who decide not to redeem their items, the pawnbroker sells the items at the best possible price and returns any excess funds to the customer.
Some customers upon visiting the store decide they would rather sell their luxury item, and instead choose to accept a fair price for their goods instead. Selling your watch or other luxury valuables to Suttons and Robertsons can be a practical way of realising the value tied up in no longer wanted or worn jewellery and watch items without having the hassle and fees of auctions or dealing with identifying trustworthy members of the public.
For those in need of quick financial solutions, whether through short-term loans against assets or by selling luxury items, Suttons and Robertsons offers a blend of expertise, discretion, and experience to meet your needs.