REFILE-Albemarle & Bond puts itself up for sale
LONDON Dec 2 (Reuters) - British pawnbroker Albemarle & Bond has put itself up for sale, it said on Monday, just days after warning it expected to make a loss for the first five months of the year.
The firm, which also offers short-term loans to cash-strapped consumers, said that following the trading update on Nov. 27 it considers it "in the best interests of the company's shareholders to seek to sell the business".
The company's fortunes have fallen as the price of gold crumpled this year. Shares in the group, which have dropped by over 90 percent on a year ago, closed at 19 pence on Monday, valuing the firm at around 10 million pounds ($16.37 million).
Albemarle & Bond said it was conducting the formal sale process through its financial adviser Canaccord Genuity Limited.