Pawnbrokers have a common law duty to take what is described as 'reasonable care' of the property that they take into pawn. They must take all reasonable measures to ensure that pledges are not lost, damaged or stolen and it follows that their premises need a high standard of security for both customers' goods and, highly importantly, members of staff.
According to the National Pawnbrokers Association of the UK, ‘Effective security arrangements for pawnbroking premises have become crucial in an environment of rising crime’. Sadly, it doesn’t stop thieves from stealing wedding or engagement rings to pawn for cash.
Anyone thinking of establishing a pawnbroking business will need to satisfy certain criteria in addition to possessing the fundamental ability to run a new business … something I knew very little about until researching the topic.