New Cash Converters Opens in White River
Nelspruit Cash Converters franchisee Graham Gillespie has great expectations of his new venture – a second Cash Converters franchise store. This one opened on 28 September 2017 in White River Square Shopping Centre in White River.
“I experimented with my first franchise in 1994 and became a Cash Converters franchisee in 2013 at Nelspruit’s Riverside Junction Mall,” says Gillespie. “Franchising really appeals to me because I enjoy being my own boss – facing the challenges and enjoying the rewards.”
Gillespie bought out his partner in Cash Converters Nelspruit in 2015 and has now expanded his portfolio further with the opening of his White River franchise store.
“I chose the location of the White River story very carefully,” he says. “White River Square is the busiest shopping centre in White River, with fantastic foot traffic and feeder shops. We intend to serve the community with integrity and respect and aim to be the go to franchise for quality goods and financial assistance.”
Gillespie’s White River store already employs 11 members of staff and his Nelspruit store 10.
“I would love to be a multi-store owner and believe that this is possible with Cash Converters because they offer the support and knowledge of the people who built up the business model,” he says. “I have never met someone with so much integrity as the company MD Richard Mukheibir – he is a great mentor and I really look up to him.”
The triumph of facing and overcoming obstacles in setting up a business is something that Mukheibir and the Cash Converters management team know well, leading to the practical, step-by-step training provided to new franchisees and their staff.
“We are delighted to see Graham expanding his portfolio within the Cash Converters family,” says Mukheibir. “All of us in the company know how each and every one of your skills and resources are tested and polished in setting up a new store. I went through it myself opening the first-ever Cash Converters store in Parow more than two decades ago.”
Mukheibir believes franchising enables would-be business owners to grow their business skills and investment within a supportive and professional environment and guides them in avoiding common start-up pitfalls.
“The Cash Converters business model offers a three-for-one income stream for franchisees – dealing in second-hand goods, pawnbroking and micro loans,” says Mukheibir. “We are confident that this, combined with our practical understanding and systems support and training, will help Graham reach their goals of a strong, expanding business.”
About Cash Converters
Cash Converters Southern Africa was co-founded in 1994 when Richard Mukheibir (Managing Director) and Peter Forshaw (Financial Director) bought the licence to establish a master franchise of the Australian brand, the world leader in trading and marketing second-hand goods and now the world’s largest cash and asset converter. Cash Converters Southern Africa purchases merchandise from customers, enabling them to have instant access to cash. Since 2007, it has also offered short term loans against a customer’s valuables or against their salary. Cash Converters Southern Africa is built on a solid foundation of franchisee owner operators, guided by core values of passion, professionalism, integrity, respect and collaboration. It has already empowered nearly 100 franchisees to run their own businesses and create their own wealth. Each franchise store, in turn, provides job opportunities for an average of 12 employees, each supporting about five other people. This network of businesses is supported by robust processes and systems and ongoing training programmes for franchisees and staff.
Dynamic growth of up to 20% per annum has created more than 80 Cash Converters franchise stores in Southern Africa (as at 1 July 2017). These stores process over 2.2 million transactions a year and have a combined annual turnover in excess of R1.2bn across all products and services.
They are part of the rapidly expanding Cash Converters International network of more than 700 stores around the world. These can be found in such diverse countries as Australia, the founding country, the United Kingdom, Thailand, New Zealand and the UAE, as well as South Africa. Cash Converters Southern Africa was a finalist for the Franchise Association of South Africa Franchisor of the Year Awards in 2014, 2015 and 2016.