Britain’s biggest pawnbroking chain H&T has been snapped up by a Texas based operator in a £351 million agreed takeover deal.

Fort Worth headquartered FirstCash has offered 650p in cash and will also pay out an 11p final dividend making 661p in total, representing a 44% premium to the latest price.

The Nasdaq listed firm said “H&T represents a compelling opportunity for FirstCash to expand its operations into the UK.”

H&T is the UK's largest pawnbroker with 285 stores across the UK and profits have been boosted recently by the extraordinary surge in the gold price to record highs above $3000.

The value of its pledge book grew more than expected to £127million last year.

FirstCash operates a total of more than 3,000 retail pawn and consumer lending locations in 29 U.S. states and the District of Columbia as well as all the states in Mexico and also in Guatemala, Colombia and El Salvador.

The takeover will create the largest publicly traded pawn platform in the US, Latin America and the UK.

Simon Walker, non-executive chairman of H&T, said: "I am proud of the progress H&T has made in recent years, during which time the business has been transformed against a backdrop of significant macroeconomic challenges, including the COVID-19 pandemic, inflationary pressures, rising interest rates and a broader cost of living crisis. Throughout this period, the board of H&T and the wider management team have remained focused on strengthening the company's foundations and positioning it for long-term success.

The board of H&T is focused on delivering maximum value for H&T Shareholders, and whilst we remain confident in H&T's prospects as a standalone quoted company, we also recognise that the offer value allows H&T shareholders to realise their investment at an attractive price in cash. At the same time, I am confident that H&T will continue to flourish under the ownership of FirstCash."

H&T CEO Chris Gillespie said the deal “has a compelling strategic rationale, bringing together two businesses with complementary offerings focussed on the values and benefits of their customers. I am extremely proud of H&T, we have built a fantastic team and highly attractive business, and FirstCash's offer is a clear acknowledgment of this. I

FirstCash CEO Rick L. Wessel said: "We are excited to add H&T, the leading pawn operator in the United Kingdom, as part of FirstCash's global platform. This strategic transaction provides an entry into a significant new market, which we believe will unlock additional growth opportunities for FirstCash. "