BERWYN, Pa.--(BUSINESS WIRE)--Dollar Financial Corp (NASDAQ:DLLR), a leading international diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years, today announced that its wholly owned United Kingdom subsidiary, The Money Shop, opened its 400th company-operated store in the town of Leamington. The new store will offer the full array of the Company’s products and services, including short-term loans, secured pawn loans, check cashing, gold purchase, Western Union money transfer, foreign exchange, debit cards, and others.
Commenting on the store opening, Jeff Weiss, the Company’s Chairman and Chief Executive Officer, stated, “We are very pleased to reach yet another significant milestone in the development of our global footprint with the unveiling of our 400th company-operated U.K. store. The rapid expansion of our store footprint in the United Kingdom, which represents the largest retail financial services store network of its kind in that market, continues to bolster the Money Shop brand as the leading provider of financial services to the unbanked and under-banked consumers in the United Kingdom. In addition, the successful build-out of the Company’s de novo store network in the United Kingdom along with a number of recent store acquisitions in both the U.K. and Scandinavia, have positioned Dollar Financial as the leading provider of pawn loans in Europe and the second largest pawn lender worldwide. Furthermore, as the U.K. market has the fewest number of retail financial services stores in relation to the under-banked population, when compared to the U.S. and Canada, we believe there is ample opportunity for us to continue to expand and grow our store network in the United Kingdom for a number of years to come. Following approximately 70 de novo store openings during the current fiscal year ending June 30, 2011, we intend to open an additional 75 to 100 de novo stores in the United Kingdom during the next fiscal year ending June 30, 2012.
It is our mission to be the leading global provider of financial services to the under-banked and unbanked consumer, which we refer to as the ALICE demographic (or asset limited, income constrained, employed). The ALICE customer segment is increasing all around the globe, and we are squarely focused on expanding our set of products and services and sales channel delivery platforms in existing and new markets to meet their growing financial services needs. The expansion of our “bricks and mortar” store network strategically compliments our position as the leading provider of internet loans in the United Kingdom, allowing us to effectively address the needs of two ALICE customer segments, the customer demographic that prefers to come into our stores to transact business, and the segment of the population that would rather use the internet. As a result, we continue to experience very little cannibalization between our store-based business and our growing internet sales channel.”
About Dollar Financial Corp
Dollar Financial Corp is a leading international diversified financial services company primarily serving unbanked and under-banked consumers and small business owners for over 30 years. Through its retail storefront locations as well as by other means, such as via the Internet, the Company provides a range of consumer financial products and services in seven countries (Canada, the United Kingdom, the United States, the Republic of Ireland, Sweden, Finland and Poland) to consumers who, for reasons of convenience and accessibility, purchase some or all of their financial services from the Company rather than from banks and other financial institutions. The Company’s products, principally its short-term consumer loans, check cashing services, secured pawn loans and gold buying services, provide customers with immediate access to cash for living expenses or other episodic needs. The Company also offers high-value ancillary services, including Western Union money order and money transfer products, electronic tax filing, reloadable VISA® and MasterCard® debit cards, foreign currency exchange, and other services. In addition, through its branded Military Installment Loan and Education Services, or MILES® program, the Company provides fee based services to enlisted military personnel applying for loans to purchase new and used vehicles that are funded and serviced under an exclusive agreement with a major third-party national bank.
At March 31, 2011, the Company’s global retail operations consisted of 1,236 locations, including 1,144 company-operated financial services stores and 92 franchised and agent locations, conducting business primarily under the names Money Mart®, Money Shop®, Insta-Cheques®, The Check Cashing Store®, Sefina and MoneyNow® in Canada, the United Kingdom, the United States, the Republic of Ireland, Sweden, Finland and Poland. For more information, please visit the Company's website at www.dfg.com.
Dollar Financial Forward Looking Statement
This news release contains forward looking statements, including, among other things, statements regarding the following: pending or recent acquisitions and their expected benefits; the Company’s future results, growth, guidance and operating strategy; the global economy; the effects of currency exchange rates on reported operating results; the developing regulatory environment in Canada, the United Kingdom, the United States, and other countries; the impact of future development strategy, new stores and acquisitions; litigation matters; expected financing initiatives; and the performance of new products and services. These forward looking statements involve risks and uncertainties, including risks related to: the regulatory environments; current and potential future litigation; the identification of acquisition targets; the consummation of announced pending acquisitions, the integration and performance of acquired stores and businesses; the performance of new stores; the impact of debt financing transactions; the results of certain ongoing income tax appeals; and the effects of new products and services on the Company’s business, results of operations, financial condition, prospects and guidance; and uncertainties related to the effects of changes in the value of the U.S. Dollar compared to foreign currencies. There can be no assurance that the Company will attain its expected results, successfully consummate announced pending acquisitions, successfully integrate any of its acquisitions, obtain acceptable financing, or attain its published guidance metrics, or that ongoing and potential future litigation or the various FDIC, Federal, state, Canadian, U.K. or foreign legislative or regulatory activities affecting the Company or the banks with which the Company does business will not negatively impact the Company’s operations. A more complete description of these and other risks, uncertainties and assumptions is included in the Company’s filings with the Securities and Exchange Commission, the Company’s annual reports and Forms 10-Q and 10-K. You should not place any undue reliance on any forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.