Press release from Business Wire
Dollar Financial Corp Announces Opening of 500th Company Operated Store in the United Kingdom
Friday, June 29, 2012
BERWYN, Pa. (Business Wire) -- DFC Global 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 500th company-operated store in the town of Thetford Chase. The new store will offer the entire portfolio 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 another milestone in the development of our global footprint with the opening of our 500th 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 strengthen 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 expansion of the Company's store network in the United Kingdom, Scandinavia and Spain have positioned DFC Global Corp. as the leading provider of pawn loans in Europe and the second largest pawn lender worldwide.
Our initial entry into the United Kingdom in 1999 began with the acquisition of eleven stores, which served to provide us with a foothold from which to familiarize ourselves with the particular nuances of the U.K. market. Over time, we built upon this foundation through de novo store development and the purchase of other small store chains and internet lending platforms to create what is now the largest provider of financial services to the ALICE (asset limited, income constrained, employed) and ARTI (asset rich, temporarily illiquid) demographics in the United Kingdom. This is the staged development approach we are currently employing in the countries we recently entered (Sweden, Finland, Poland and Spain), which similarly also began as store based acquisitions.”
Jeff Weiss continued, “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 and ARTI demographics. The ALICE and ARTI customer segments are increasing all around the globe, and we are 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 a 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 prefer to use the internet.”
About DFC Global Corp.
DFC Global Corp. is a leading international diversified financial services company serving primarily unbanked and under-banked consumers and small business owners 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. Through its approximately 1,400 retail storefront locations, multiple Internet websites and mobile phone and other remote platforms, the Company provides a variety of consumer financial products and services in eight countries across North America and Europe—Canada, the United Kingdom, the United States, Sweden, Finland, Poland, Spain and the Republic of Ireland. The Company believes that its customers, many of whom receive income on an irregular basis or from multiple employers, are drawn to the range of financial services it offers, the convenience of its products, the multiple ways in which they may conduct business with the Company and its high-quality customer service.
The Company's products and services, principally its short-term single-payment consumer loans, secured pawn loans, check cashing services and gold buying services, provide customers with immediate access to cash for living expenses or other needs. The Company strives to offer its customers additional high-value ancillary services, including Western Union® money order and money transfer products, foreign currency exchange, reloadable VISA® and MasterCard® prepaid debit cards and electronic tax filing. In addition to its core retail products, the Company also provides fee-based services in the United States 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 through the Company's branded Military Installment Loan and Education Services, or MILES®, program.
The Company's networks of retail locations in Canada and the United Kingdom are the largest of their kind by revenue in each of those countries. The Company believes it is also the largest pawn lender in Europe by revenue. At March 31, 2012, the Company's global retail operations consisted of 1,361 retail storefront locations, of which 1,302 are company-owned stores, conducting business primarily under the names Money Mart®, The Money Shop®, Insta-Cheques®, Suttons and Robertson®, The Check Cashing Store®, Sefina®, Helsingin PanttiSM, Optima®, MoneyNow!®, and Super Efectivo®. In addition to its retail stores, the Company also offers Internet-based short-term single-payment consumer loans in the United Kingdom primarily under the brand names Payday Express® and PaydayUK®, in Canada under the Money Mart name, and in Finland, Sweden and Poland primarily under the Risicum® and OK Money® brand names. For more information, please visit the Company's website at www.dfcglobalcorp.com.
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 regulatory environment in Canada, the United Kingdom, the United States, Scandinavia and other countries; the impact of future development strategy, new stores and acquisitions; litigation matters; 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 pending acquisitions, the integration and performance of acquired stores and businesses; the performance of new stores; the impact of debt and equity financing transactions; the results of certain ongoing income tax appeals; 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 pending acquisitions, successfully integrate and achieve anticipated synergies from 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., Scandinavia, European Union, or other 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, including those described under the heading “Risk Factors” attached as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 9, 2012 and its Annual Report on Form 10-K for the Company's fiscal year ended June 30, 2011. 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.
Julie Prozeller/Amy Pesante