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Cheque Centre 'to double in size'
02/05/2007
An instant cheque cashing firm in Scotland has announced a new funding deal which could see it double in size, it has emerged.
Cheque Centre, a company that also acts as a payday loan shop, could open an extra 100 shops following a new link-up with US organisation Check 'N' Go, reports the Herald.
The deal will see £40 million put into the finance group by its US counterpart, which will provide new facilities to help it continue to offer loans, foreign currency and pre-payment cards, among other services.
Colin Mitchell, group managing director, remarked: "With significant financial backing from our new parent company, it will be a very exciting period of intensive and rapid expansion throughout the UK.
"One of our great strengths is being local and easily accessible, and this is even more important given the continuing decrease of local branches offered by traditional banks."
He added that the company is a founding member of the British Cheque Cashers Association, an organisation that works to ensure that rigorous standards and policies in the cheque cashing industry are maintained.
Cheque Centre, a company that also acts as a payday loan shop, could open an extra 100 shops following a new link-up with US organisation Check 'N' Go, reports the Herald.
The deal will see £40 million put into the finance group by its US counterpart, which will provide new facilities to help it continue to offer loans, foreign currency and pre-payment cards, among other services.
Colin Mitchell, group managing director, remarked: "With significant financial backing from our new parent company, it will be a very exciting period of intensive and rapid expansion throughout the UK.
"One of our great strengths is being local and easily accessible, and this is even more important given the continuing decrease of local branches offered by traditional banks."
He added that the company is a founding member of the British Cheque Cashers Association, an organisation that works to ensure that rigorous standards and policies in the cheque cashing industry are maintained.