Cash Converters Acquires Two NSW Franchises
Cash Converters International Limited (“Cash Converters”) is pleased to announce the successful acquisition of its Blacktown and Richmond franchise outlets in New South Wales. This follows the Morley (WA) acquisition in October 2020 and Melbourne City (VIC) acquisition in December 2020.
The Blacktown store has been part of the Cash Converters network for over 30 years, the most recent franchisees having owned it since 1998. The Richmond outlet was newer to the network, having opened in 2013.
Cash Converters has 23 stores across NSW, 14 of which are franchise operated following this acquisition. The acquisition of two NSW stores strengthens Cash Converters’ corporate-owned presence in a key region in Australia’s most populous State.
Cash Converters Managing Director, Sam Budiselik, stated “We continue to pursue our strategic objective of expanding and enhancing our Australian operations, having now acquired four franchise outlets in the past six months.
“These acquisitions are a win-win for the buyer and seller. Cash Converters receives an immediate NPAT benefit from the now corporate-owned store while the seller benefits from dealing with someone that understands their business, its value, and how to run it. Our licensees are small business owners, so the ability for them to confidently handover their business when they choose, is not something all small business owners will have the opportunity to experience.
“We thank the previous franchisees for their many years of dedication to the Cash Converters network.”
Cash Converters is in discussion with other Australian franchisees and expects to complete further franchise acquisitions throughout the current financial year and beyond.