The Cash-U-Up Pawnshop Company announced the continued sale of franchises at a seminar held on Wednesday by the firm on franchise acquisition.
The company’s general manager Kuch Setha said it sold two franchises this year – one in Phnom Penh and the other in Poipet town – and plans to sell three more by the end of the year.
“Our goal is to open a Cash-U-Up [franchise] in every province, improve our services and grow our business,” he said.
Cash-U-Up, a subsidiary of WorldBridge Group, a major investment firm that is currently investing in The Bridge and The Peak buildings, has been operating for nearly a decade. It has 15 branches apart from franchises.
Its branch manager Pol Phearin said his branch has been operating for five months but has provided more than $440,000 in loans to customers.
He said revenue has been between $6,000 and $10,000 per month. “Our branch has borrowed an additional $250,000 from the bank to expand our business without any shortage of credit.”
Its board chairman Sia Rithy said the company received more than $120 million in profit last year.
“Cash-U-Up has seen significant growth, and overall, the general mortgage sector has seen a lot of applicants opening up mortgage businesses through the Ministry of Economy and Finance. [The number of such] business has grown and everyone is keen to open a business,” Rithy said.
The ministry’s data shows that it has granted a total of 509 licences for mortgage companies.