Business
James Constantinou CEO and Founder Posh Pawn Brokers
A well-known name, like every entrepreneur James had to start somewhere
James Constantinou is an entrepreneur, CEO and founder of Prestige Pawnbrokers,
You may have seen James on his TV show ‘Posh Pawn’, we go behind the scenes to talk to the man who built a multi-million pound empire by combining tenacity, knowledge and commercial savvy.
With cash flow at its tightest in a long time, many business owners are looking to raise large sums of money immediately. Posh Pawn’s goal is to meet this requirement and is managed by having the best appraisers/appraisers in the industry and access to sold data.
What is your USP
We offer instant cash loans secured against ALL luxury goods/valuables such as art, wine, jewellery, watches, handbags, boats, planes – but our USP is that we cover such a broad spectrum of asset classes and can free up money for all these assets faster than anyone else in Britain.
What made you start your business: did you want to change the status quo, or was it a gap in the market that you could fill?
After the Lehman Brothers crash and market downturn in 2008, there was certainly a gap in the market that needed to be filled, and while I didn’t set out to break the status quo, I certainly did that. We have changed the public’s perception of pawn shops and also the industry.
I can’t deny that the challenge of doing something new is what drew me to the arena, but the opportunity to handle some amazing and sometimes priceless items was a huge draw for me.
What are your brand values?
Transparent-Open-Fair
I think people respect our values and there are absolutely no hidden agendas.
Our loans are simple and straight forward, there are no hidden fees.
We want to make money with our services and I believe that our customers respect this.
Do your values drive your decision-making process?
Absolute…. Our service is 100% customized and our teams are trained to handle each case individually, with our core values in mind.
Repeat customers are an important factor in our success.
Is team culture an integral part of your business?
We employ over 50 of the best appraisers and appraisers in the luxury pre-owned market and collectively our knowledge is limitless. We respond to each other and play to each other’s strengths and passions. This is how we can function efficiently and quickly and where our competitors find it difficult to keep pace.
What do you do to go the extra mile and show your team that you appreciate them?
We have team building exercises and these are encouraged through our bonus structure, but it is much more than that. I consider the entire team as part of a family that is achieving something very special, from the shop floor to the highest levels of management.
They are highly regarded and valued by me individually – this is so often lost in the workplace and individual talent should be valued more.
Do you think your messages are speaking directly to your consumers in a clear way?
I think our message is very clear and the Posh Pawn TV show has done a great job of representing the industry and getting our message across.
What is your opinion on inflation and interest rates? Will you pass that on to your customers or let your margins drop and reward customer loyalty in these more difficult times?
In times of adversity we do not have to adjust our rates. The trend is growing and our customers’ demands are becoming more frequent. This more than covers the additional costs the company incurs as a result of these problems.
How often do you review the data you bring in and focus on your KPIs, and why?
Data is analyzed almost daily and we immediately adapt to important needs. This is one of the most important benefits of being an owner-operator.
Does technology play a much larger role in the daily management of your company?
Even though I’m a technophobe, there’s no way around it – yes, it’s playing an increasingly important role in what we do, especially when it comes to data analysis.
What is your attitude towards your competitors?
I’m not worried about my competitors, I just want to be the best at what I do. If I don’t consider myself the best, I’ll do something else… There are no prizes for second place.
Do you have any advice for anyone starting out in business?
Study your market and trends, develop a USP that is not easy to copy and get started.
Make sure it is in a field you are passionate about.
It can be a place where you have to be under pressure as the leading decision maker of the company. What do you do to relax, recharge and sharpen your focus?
My intention here is to tell you stories about long walks in the countryside and lunches in the pub, followed by trips to the theatre. The truth is that when I’m not developing new concepts, finding sites for new stores or thinking about the next big deal, I’m not relaxed or focused, I feel most comfortable when I’m am the work. .
Do you believe in the 12-week working method or do you make much longer planning strategies?
I’ve never heard of the 12 week work method and most strategies involve lying in bed and trying to sleep.
What is your company’s eco-strategy?
As a company, we contribute to sustainability, because the luxury goods we trade in are all second-hand. Like everyone else, we are concerned about the environment and we do what we can in the workplace. We would look at current and new government policies to help us all be more environmentally focused and always ensure we play our part. I have failed to provide the team with super glue and a shuttle service to the M25.
What three things do you hope to achieve within the next twelve months?
Six more operational stores, a two-week break in a warm environment and a knighthood.
