US group Dollar Financial, which offers financial services to what it describes as under-banked customers, has expanded into the Northern Ireland market. The company said it had bought four stores in the Belfast area for around $500,000.
Dollar Financial president Don Gayhardt said the move also provided a stepping stone for further expansion into the Irish market. He said Northern Ireland and the Republic had 'excellent customer demographics and a fragmented competitive landscape'. The company already has a network of 395 stores in the UK, operating under the Money Shop name.
The company provides products such as short-term loans, cheque cashing and money transfer to customers who receive income on an irregular basis or from multiple employers.
Dollar Financial expects to report revenue of more than $328m for the year to the end of June, generating pre-tax profits of around $34m.
