February 12, 2015
SIA ExpressCredit will purchase the Riga City Pawnshop for 880 000 euro
SIA ExpressCredit, operating under the trade name Lombards24.lv, according to the results of the Riga City tender of February 11, today (12/02/2015) is going to sign an agreement on the purchase of the SIA Riga City Pawnshop. Total amount of the transaction is 880 000 euro. According to the tender regulation, SIA ExpressCredit will make the payment within one month of the date when the purchase agreement is signed.
“The Riga City Pawnshop is one of the oldest pawnshops in Latvia, that is why we are really satisfied that from now on we are going to maintain the history and traditions of pawnshops in Latvia. At the same time, we welcome the decision of the Riga City Council not to distort the competition and auction the municipal company. We believe that this step will improve service quality,” notes Chairman of the Board of SIA ExpressCredit Agris Evertovskis.
Management of SIA ExpressCredit notes that the change in shareholding will not result in considerable changes in company’s operations. “We highly appreciate professionalism of the Riga City Pawnshop staff that is why we see no need to make cardinal changes in the operations of the pawnshop. Nothing will change also for the clients of the Riga City Pawnshop – the company will continue its operations as before ensuring even safer and more qualitative crediting services,” explains A. Evertovskis noting that within 6 years Lombards24.lv has provided crediting services to more than 235 000 Latvian citizens.
SIA ExpressCredit indicates that the Riga City Pawnshop acquisition deal is a strategic decision of company’s management made in order to continue development of the company, as well as to strengthen its leading positions in the market. In recent years SIA ExpressCredit has made significant investments to develop branches in the whole territory of Latvia and to ensure comfortable and safe services – all branches are equipped in line with modern trends, with video surveillance cameras, all pledges are insured and kept in a special storage equipped with an alarm system.
The Riga City Pawnshop started to operate already in 1802, but officially it was registered in 1895. At the pawnshop there is a spacious shop of art pieces, jewellery, gold and silver items, precious stones, coins, household objects etc. It is located in the Old Riga, Kaleju Street 18/20.