Borro
EXPERTS IN THEIR FIELD
A skint farmer tried to pawn his livestock in a bid to free up much-needed cash, it emerged yesterday (Wed).
The hard-up land-owner contacted online pawnbrokers www.Borro.com to inquire whether he could hand over sheep and cows in exchange for #10,000 cash.
Borro had to turn him down due to the company only lending against valuables which are easily stored and difficulties over exact valuations.
Weird and wonderful items taken by Borro as security include two works of art by Banksy worth #30,000, a Patek Philippe watch worth #35,000 and a seven-carat solitaire diamond ring worth #160,000.
The most popular items to arrive at Borro.com over the last twelve months were Rolex watches, 18ct gold jewellery, diamonds and engagement rings.
Borro.com managing director Paul Aitken has seen his business grow by more than 2,000 per cent since 2008.
He said: ''We've seen people from different walks of life pawning items valuable to them to free up some much needed cash for whatever reason.
''The fact we offer the lowest interest rates in the industry and independent research shows we lend on average around three times the amount that a high street operator will lend, puts us in a strong position.
''Around 80 per cent of high street pawnbrokers will not lend against watches so this is another area that Borro.com is booming in - in fact 30 per cent of our business made up through watches such as Rolex, Breitling or Cartier.''
Aitken, 37, set up the business from the attic of his home in Oxford and struggled to make ends meet initially.
Then the credit crunch hit and the phone started ringing 24/7 with punters trying to free up cash as the property market and investments collapsed.
Reasons given for pawning goods include a female property developer from Devon who borrowed #5,000 against jewellery as a deposit on a #98,000 Aston Martin as a post-divorce treat to herself.
One lady pawned her prized jewellery so she could afford international phone calls and plane tickets to Spain to visit her father for the first time in 40 years.
Others have used the cash to pay for cosmetic surgery, divorce lawyers fees, round the world plane tickets and to pay expensive medical bills.
Paul Aitken added: ''We took a revolutionary approach to one of the oldest industries and it has flourished during the economic crisis.
''We are probably one of the only companies who have actually benefited from the recession and along the way we provided a service which was suddenly required by thousands of people from every walk of life.
''I started the business in July 2008 with myself and one employee working from the attic of my home in Oxford.
''Now we employ a team of 25 people based in both Oxford and Central London where they offer a face-to-face appointment valuation service.
''We are currently the fastest-growing pawnbroker in the UK with growth of 2,000 per cent last year and expect to be one of the top three pawnbrokers by the end of 2010.''
UNUSUAL ITEMS PAWNED
1. A Patek Phillipe watch
2. Two works by artist graffiti Banksy
3. Two Ferraris
4. One Porsche
5. One light aircraft
6. Seven-carat solitaire diamond ring
7. A 1.5 carat diamond and platinum belly piercing bar
8. Rowing singlet worn in 1996 Olympic Final by Steve Redgrave and Matthew Pinsent
9. Full set of first copy Harry Potter hardback books each signed by author J.K Rowling
10. War medals from Gulf War
MOST COMMONLY PAWNED ITEMS
1. Rolex Watch
2. 18ct Gold Jewellery
3. Diamonds
4. Engagement rings
5. Breitling, Patek Philippe, Omega and Cartier Watches
6. Cartier Jewellery
7. Asian gold
8. Wedding bands
9. Medals
10. Art
