Cash U Up (CUU) pawn shop, a subsidiary company of the WorldBridge Group of Companies, on Monday said it is rolling out its own franchise line for those interested in a highly profitable business without the need to setup their own.
This is the first company in the pawn business opening up to the public, said Keo Nimet, CUU strategic advisor in a press conference, adding the licensing is priced at $15,000 and comes with a five year contract.
“We want to see this sector develop, earn trust and establish a professional standard. Thus, CUU is chosen as the first pawn shop in Cambodia to sell its franchise. The company aims to give this chance to operators and those among the business community interested to have their first business, generate high profit with a safe investment model that eliminates the hassle of setting-up a business on their own.
“The purpose is to expand and promote the franchise licensing to the public and for those who want to create job opportunities. We see the huge potential in the pawn sector even though some pawn shops are facing difficulties,” he added.
Mr Nimet said investment in the pawn business is cash based, therefore, if investors do not have a proper business plan, good foundation, or a solid business strategy to manage the business, they could lose out.
“We have standardised the managing of the business, including the operations. Franchisees will be given the company name, the branding solutions and a customer base. Training will be provided by the company and this will help to build the image of the business. Consultations will also be provided on the risks and challenges. We will do the marketing for them.
“We already have about 10 applications, and we will select five locations for the franchisees to operate in 2019. If we are successful in setting up the first five locations, we will expand to 10 or 20 in following years,” he said.
Mr Nimet said that there are around 500 pawn shops or licensed companies in Cambodia, and a majority of them are located in the capital but they face trust issues from their customers, unlike CUU.
Kuch Setha, general manager of Cash U Up – which has 15 branches nationwide – said the company was issued a license from the Ministry of Economy and Finance in March, 2010 and is today a leading pawn company in Cambodia.
CUU, which has more than 5000 customers, offers services for the automotive, electronic, jewelries, and real estate sectors, and disburses immediate cash to successful applicants.