Logo of Phnom Penh Post newspaper Phnom Penh Post - Cash-U-Up Pawnshop announces cont’d sale of franchises at seminar

Cash-U-Up Pawnshop announces cont’d sale of franchises at seminar

Content image - Phnom Penh Post
The Cash-U-Up Pawnshop Company. Hean Rangsey

Cash-U-Up Pawnshop announces cont’d sale of franchises at seminar

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.

MOST VIEWED

  • All inbound flights set to face added scrutiny

    Ministry of Health spokesperson Or Vandine said on Monday that the ministry is monitoring all inbound flights, after it was announced that only those from Malaysia and Indonesia will be temporarily cancelled from August 1. Vandine said on Monday that the two countries were identified as

  • Flights from Indonesia, Malaysia cancelled

    A Ministry of Health official has warned of the possibility of Covid-19 spreading through community transmission after the total infected cases in the Kingdom rose to 225. Ministry spokeswoman Or Vandine told reporters on Saturday that the possibility of community transmission cannot be overlooked and that

  • Man in quarantine dies of ‘overdose’

    The Ministry of Health on Thursday said a Cambodian migrant worker who died while being isolated at a quarantine centre in Tbong Khmum province’s Kroch Chhmar district may have died from syncope or overdose of tablets. In a statement, the ministry said the 21-year-old

  • Ministry set to reopen 20 schools in August

    The Ministry of Education, Youth and Sport will allow 20 high-safety-standards schools to reopen next month despite new cases of Covid-19 in the country. Ministry spokesperson Ros Soveacha wrote in a Telegram message on Wednesday that the schools are in Phnom Penh, Siem Reap and Battambang.