Cash Converters buys UK store for $1.3m

Perth-based Cash Converters International expects to boost its bottom line this financial year after it bought another store in the United Kingdom for $1.3 million.

The franchisor of the second hand stores said it acquired the Barnsley store for a total price of ₤662,212 ($A1.3 million), which included assets of ₤108,946 ($A214,738).

Cash Converters said the acquisition price represented an earnings before interest and tax multiple of 2.99 times.

It added that the acquisition is anticipated to increase the company's EBIT by $443,000 in the first full year of ownership.

The acquisition brings the total number of corporate stores owned by the company to 38, with 17 8in Australia and 21 in the UK.