People: Nichols flying forward
John Nichols, the chief executive officer of pawn-broking giant H&T Group, who started his career in the RAF, is philosophical about the future price of gold. He jokes that, while H&T has seen its profits soar on a growing gold purchasing business, ‘if I had a clue what the price of gold would be, I would be significantly richer than I am now’, adding that there is ‘huge volatility’ in its price.
Arguing that H&T is ‘not a business founded on gold purchasing but on pawn-broking’, Nichols remarks that Tesco’s entrance into the market will help to ‘normalise the service’ while ‘most industries would look askance at a move onto their turf’.
Tesco offers ‘an entirely postal service’, which contrasts with H&T, which can give value for jewellery including diamonds and a variety of engagement and stone-set rings.
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