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PAWNBROKER chain The Money Shop opened a new branch in Portsmouth yesterday.

It joins an existing branch in North End, and the chain’s expansion reflects the increasing need for pay-day loans and other financial services that are being offered alongside the pawn business.

The store will offer secured loans against items such as jewellery and gold in addition to consumer financial products and services.

The new store is in Edinburgh Road, and its manager, Laura Lancett, said: ‘I’m really excited about heading up the three-strong team at the new Money Shop Pawnbroker store.’

The Money Shop is part of publicly-listed American company Dollar Financial, was founder of the Consumer Finance Association and has been established on the UK high street for 14 years.