Cash Converters Acquires Morley Franchise
Cash Converters International Limited (“Cash Converters”) is pleased to announce the successful acquisition of its Morley, Western Australia franchise.
This acquisition is forecast to deliver a statutory NPAT uplift during this financial year (FY 2021), and forms part of Cash Converters’ strategy to expand and enhance its Australian operations.
The suburb of Morley, Western Australia is located approximately 10 kilometres from Perth CBD and has developed into a major retail and commercial centre for surrounding suburbs.
The franchise acquired by Cash Converters occupies a prime location within this district, near a Bus Station and Shopping Centre. The store will now operate on a company-owned basis and contribute to Cash Converters’ Corporate Store segment earnings.
“This acquisition is the first step in our strategy to expand and enhance our Australian operations. There is significant domestic opportunity for Cash Converters, and we are committed to unlocking that value to the benefit of our Customers and Shareholders.
“We thank the previous licence holders for their many years of dedication in developing the store and its Customer base. The store has been part of the local community since opening in the 1980’s, and in 2018 was Cash Converters’ National Franchise Store of the Year,” said Cash Converters Chief Executive Officer, Sam Budiselik.
Cash Converters is in discussion with other Australian franchisees and expects to complete further franchise acquisitions throughout the current financial year and beyond.