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Pawnbroker Albemarle & Bond to appoint administrators

Reuters - UK Focus

LONDON, March 25 (Reuters) - British pawnbroker Albemarle & Bond said it would appoint administrators on Tuesday after its lenders declined to support any rescue plans for the loss-making business.

The company, which said on Monday its shareholders would see no return on their investment, said that without the support of its banks it would shortly be unable to meets it liabilities.

"In such circumstances, the appointment of an administrator is the most appropriate course of action," it said.

It said it would file notice of intention to appoint four insolvency practitioners from PricewaterhouseCoopers LLP as joint administrators to Albemarle as soon as is practically possible.

(Reporting by Paul Sandle; editing by Kate Holton)