FirstCash to acquire UK pawn operator H&T Group for about $394 million
FirstCash's subsidiary Chess Bidco agreed with H&T Group's board on a recommended all-cash acquisition of H&T, the UK's largest pawnbroker with 285 stores. The total equity value is approximately £297 million or $394 million, and the deal is expected to close in the second half of 2025, subject to H&T shareholder and UK regulatory approvals. The acquisition is financed partly by borrowing under FirstCash's existing revolving credit facility, and related amendments raise the leverage limit and restrict share repurchases.
Key points
- Shareholders of H&T would receive 650 pence in cash per share plus a final dividend of 11 pence payable June 27, 2025, for 661 pence in total.
- Total equity value is approximately £297 million or $394 million, based on the exchange rate as of May 13, 2025.
- A £299 million bridge credit agreement with Jefferies Finance serves as a backstop; the credit facility leverage ratio limit rises to 3.75 to 1.00 for quarters ending through December 31, 2025.
- Share repurchases would be limited to 0% of prior quarter consolidated net income if the leverage ratio is 3.50 to 1.00 or higher in any 2025 or 2026 fiscal quarter.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 14, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.