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Secured lenders of the Reading-headquartered Albemarle & Bond Group were owed in excess of £50m when the pawnbroking giant collapsed and look set to lose out on millions, a new report has revealed. More details have also emerged about the rescue deal which safeguarded 628 jobs in April and helped raise cash for creditors.

Albemarle & Bond Holdings plc was the parent company of a group, including Herbert Brown & Son and Albemarle & Bond Jewellers & Pawnbrokers Ltd, which was the second largest pawnbroker in the UK, operating from 183 stores with almost 900 staff. The group was supported by its secured creditors Lloyds Banking Group and Barclays Bank which were owed a total of £52m when administrators from PwC were appointed on 25 March 2014.

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