Introduction from the Cash Converters UK Chief Executive Officer
This is a joint Modern Slavery Statement made pursuant to Section 54 of the Modern Slavery Act 2015 on behalf of Cash Converters UK Holdings Limited and its subsidiaries, Cash Converters (UK) Limited and Cash Converters (UK) Stores Limited (the Cash Converters Group) for the period 01 July 2024 to 30 June 2025. This statement sets out the actions taken by the Cash Converters Group this financial year, and those we continue to take, to assess and address modern slavery and human trafficking risks throughout our organisation and our supply chain.
In this statement reference to Cash Converters Group is used to refer to Cash Converters UK Holdings Limited and any entities which it owns or controls. This is because Cash Converters adopts a group-wide approach to ensure that we trade ethically, source responsibly and work to prevent modern slavery and human trafficking throughout our group and in our supply chain.
This Statement has been approved by the Board of Cash Converters UK Holdings Limited on behalf of the Cash Converters Group. The Board of Cash Converters UK Holdings Limited and the Cash Converters Group have a zero tolerance for any form of modern slavery and, in line with the United Nations Guiding Principles on Business and Human Rights, recognise the duty of the international community to protect human rights as well as the fundamental responsibility of businesses to play their part.
Organisation's structure
Cash Converters was founded in 1984 as a family owned and operated pawnbroking business based in Western Australia. The Cash Converters brand now has an international presence through a franchise network in a total of 17 countries around the world.
Following the acquisition of Cash Converters (UK) Stores Limited, (formerly franchisee, Capital Cash Limited) in 2023, Cash Converters now has a corporate store footprint in the UK. The acquisition by Cash Converters (UK) Stores Limited of a further 12 former franchise stores in the year to June 2025, brings the number of corporate stores to 58. Revenue from corporate stores is derived from the retailing of new and second-hand goods both in store and online, as well as interest from pawnbroking and fees from our buyback product.
Cash Converters (UK) Limited is the franchisor of a network of 135 franchised stores The franchisees are independent entities subject to arms’ length commercial arrangements implemented under franchise agreements, licencing the use of the Cash Converters trademarks, rather than entities under the control of Cash Converters.
In the 2024/2025 financial year the Cash Converters Group procured goods and services from approximately 385 suppliers. Spending across the group can be broadly categorised into the following areas:
· Information Technology: which includes software, professional IT services, infrastructure, telecommunications, support, and maintenance.
· Corporate Services: which includes advisory, finance and legal services, insurance, office supplies and records management.
· Marketing which includes marketing and advertising services.
· Property and Facilities Management: which includes leasing services, essential services such as air-conditioning maintenance, electricity, internet, pest control, cleaning, and security.
· Retail stock: our suppliers include suppliers of a broad range of products for retail sale in our corporate operated stores. In the reporting period has included electronics, jewellery, musical instruments and handbags to name a few.
The group’s supply chain is based primarily in the UK with a limited number of overseas suppliers. Cash Converters IT services are supplied via our Australian parent company. The few overseas Tier 1 suppliers are based in low-risk jurisdictions such as United States of America and France,
Operations
Cash Converters considers the risk of modern slavery within its direct business operations as low given the highly regulated industry in which the business operates and the relatively skilled nature of its employees.
During the reporting period all 403 Cash Converters Group employees were permanent staff, with no casual staff or contractors. Casual or fixed-term staff are employed to allow for flexibility during peak business periods and are predominantly employed where shorter-term labour requirements are needed (i.e. to cover a period of absence for a permanent employee). Contractors are largely used across the business for longer-term consultation, project work or provision of Marketing services, predominantly at Cash Converters head office in High Wycombe and Support Centre in Runcorn. All employees are engaged under a written employment agreement which sets out clear terms including pay and hours of work. Cash Converters UK operations focus primarily on second-hand retailing, pawnbroking and buy backs to a UK customer base. These products and services are not considered high risk in terms of modern slavery and Cash Converters does not operate within a high-risk jurisdiction (by reference to the Walk Free Global Slavery Index). Given the nature of the financial products offered and the target market, Cash Converters considers its exposure to modern slavery risks through its products and services to be low risk.
Supply Chain
Cash Converters has taken a risk-based approach to assessing of modern slavery risks within its tier 1, 2 and 3 suppliers, building on the work already carried out for our suppliers. This assessment has been conducted based on the geographic risk, vulnerability, and country governance for modern slavery. We have 4 suppliers in total that are outside the UK in low risk rated jurisdictions. All domestic and international suppliers have been screened against modern slavery lists, with no adverse findings. All suppliers are within inherently low risk jurisdictions from a modern slavery perspective according to the Walk Free Global Slavery Index. Cash Converters have again identified the three areas of our supply chain which present an inherently higher risk of modern slavery, those areas are:
Cleaning, and security
These supplies present a higher inherent risk of modern slavery due to the relatively low-skilled and labour-intensive nature of the work. Staffing in these industries may also be relatively informal and insecure and is often serviced by a migrant workforce. There have also been reported instances of modern slavery like practices in these industries, particularly the cleaning industry.
Electronic products
These supplies present a higher inherent risk of modern slavery because of the undesirable and at times hazardous working conditions (and without adequate safety equipment). As the electronic sector seeks to respond to rapid advancement in products and demand, workers in this industry can often be subject to extended hours without proper remuneration. The substantial migrant workforce, use of casual labour and labour agents present further inherent risks of modern slavery in the industry.
Gold and diamonds
The Global Slavery Index identifies mining as one of the sectors at risk of modern slavery, with risks specifically associated with mining of gold and diamonds in certain geographical areas, usually characterised by high levels of conflict, corruption or weak governance. Mining is a labour-intensive area, where again working conditions are hazardous.
Cash Converters recognises that through its supply chain, it may be directly or indirectly exposed to modern slavery risks. Mapping the supply chain through the various tiers of suppliers is necessary to identifying and assessing risk on areas of the business that could potentially cause, contribute to, or be directly linked to modern slavery through Cash Converters’ operations and supply chain.
The mapping program conducted in the previous reporting period highlighted that risk of modern slavery within Cash Converters operations and supply chain to be low. Nevertheless, Cash Converters remains committed to ongoing development of the program and continuous risk assessments to highlight and assess any risks of modern slavery that may arise within its operations and supply chains.
Controls to mitigate modern slavery risks
Cash Converters is continuing to implement and maintain a programme of controls in order to address modern slavery risks in its operations and supply chain. The areas of focus can be broadly categorised as follows:
· Values: Cash Converters is driven by values which help to build a culture of passion respect and determination to do the right thing.
· Increasing supplier controls: This includes appropriate onboarding due diligence, the requirement for modern slavery provisions and protections in supplier agreements and a requirement for suppliers to comply with the Cash Converters Supplier Code of Conduct.
· Continuing to develop policy frameworks: this includes reviewing, assessing and (as necessary) uplifting Cash Converters' existing policy framework from a modern slavery provisions and protections perspective.
· Improving employee awareness of modern slavery: this includes modern slavery training modules to ensure greater awareness and an updated global anti-slavery and human trafficking policy which employees must attest to.
The areas of controls are also set out in more detail in the table below.
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Values |
During this reporting period, Cash Converters has built upon its values which it will continue to promote. The enhanced vision purpose values are as follows: All for One Purpose To work together to pursue a world free from financial bias – a world where choice and opportunity is possible for all.
Focus We’re people centric. Customer-centric. Employee-centric. Partner-centric.
Voice We speak up. We tell it like it is. We are understanding. We are clear. We are concise. We keep things as straightforward as possible
Entity We are Cash Converters, all. We are many parts, many roles, many locations. Yet, we are united. We’re in this together, we are one. Values Potential We see the potential in every one of us and in our customers too. We listen so we can ask good questions – our curiosity is relentless. We find opportunities for improvement, not accepting status quo or ‘the way it’s always been’. Responsibility We are clear, honest, and authentic when we communicate. Those around us have trust and confidence in who we are and what we do. We choose to do what is right over what is comfortable and do not shy away from difficult conversation Equity We believe everyone deserves the same right to opportunities in life. We don’t judge one another and we’re not here to judge our customers. We approach all conversations with empathy and compassion – assuming best intentions always. Perseverance We all know who we are and where we are going. Our mission always drives us to be and do our best. We show up, with grit and determination, and we don’t give up easily. We have the smarts and passion to make anything happen.
Community We are more than an office, a shop, or a workplace. Cash Converters is a community. We collaborate. We share ideas and resources with generosity and openness. We offer each other support and know when to ask for support ourselves.
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Supplier Controls |
Modern Slavery Contractual Clauses Suppliers are required to enter into a written agreement with Cash Converters with respect to supply arrangements or other engagements. Cash Converters recognises the value of incorporating a suite of modern slavery specific clauses into its supplier contracts and commenced work on preparing a such clauses as appropriate. This continues to be a focus for the future reporting periods.
Supplier Due Diligence and Risk Assessment · Cash Converters is continually improving processes around supplier engagement and associated due diligence requirements. During the reporting year Cash Converters continued to risk assess its domestic and international suppliers as part of its due diligence screening. The work includes: · Considering human rights and modern slavery risks within the Company’s operations, supply chains and other business relationships. · An assessment of each risk based on Cash Converter’s risk assessment matrix and the likelihood of potential or actual modern slavery impacts. · International suppliers risk-based assessment conducted. · Screening of all suppliers (domestic & International) against modern slavery lists including: § Exploitation of Children § Forced and Slaved Labour § Human Rights Violation § Human Trafficking § Sexual Exploitation § Smuggling · Requiring suppliers provide their modern slavery statement (if available) or fill out Cash Converters MS questionnaire, which are then reviewed by the business. The risk assessments and screening have concluded that the modern slavery risks within Cash Converter’s operations and supply chains are low as the operations of the Group are conducted in low modern slavery risk countries such as the UK and Australia.
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Policy Framework |
Cash Converters' existing policy framework which applies to all employees and suppliers includes: · Code of Conduct - which sets out the expectation that all Cash Converters employees adhere to the highest standards of personal and professional business conduct, ethics, and integrity, including compliance with all applicable law and regulations; · Third Party Governance Policy - which sets out the procedure for third party suppliers, including all legal requirements which must be met in order to ensure compliance with financial and legal obligations; · Third Party Due Diligence Procedure – which sets out in detail the process for due diligence at on-boarding and ongoing due diligence for Cash Converters providers and suppliers; · Procurement Policy – which sets out the procedures for selection of a supplier of goods or services to ensure we engage with those who meet our expectations as to ethical business practices generally and specifically those matters set out in our Supplier Code of Conduct · Purchasing and Invoicing Policy - which defines standard methods and procedures for purchasing and invoicing including that those procedures must comply with all legal requirements and those implementing them must adhere to ethical principles such as transparency, fairness, accountability; and · Whistleblower Policy - which sets out Cash Converters' commitment to the highest standards of conduct and ethical behaviour in all business activities, and to promote and support a culture of honest and ethical behaviour, corporate compliance, and good corporate governance in which individuals can safely raise concerns about any misconduct. · Anti-Bribery and Corruption (ABC) Policy which sets out Cash Converters’ zero tolerance for unacceptable behaviour in relation to bribery and corruption in its day-to-day operations and business dealings. A breach of anti- bribery or anti-corruption laws is a serious offence that can severely damage the reputation of Cash Converters and result in civil and criminal penalties · Anti-Money Laundering and Counter Terrorism Financing Policy which sets out Cash Converters’ suspicious activity reporting for any transaction or behaviour that is a potential criminal offence The policy framework continues to be a focus for the UK group of companies for future reporting periods |
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Employment Practices |
Cash Converters has robust human resources controls in place which cover all aspects of employment practice. All employees are engaged under a written employment agreement which sets out clear terms including pay and hours of work. From time-to-time Cash Converters may employ non-resident workers subject to that person having the appropriate authorisation and right to work in the UK. Cash Converters takes particular care to ensure that any foreign worker is engaged on the same terms and conditions as UK citizens and permanent residents. Cash Converters has developed an online modern slavery module, which has been incorporated into mandatory annual training, as part of its e-learning framework |
Assessment of effectiveness
During this reporting period, Cash Converters has continued to build on the understanding of the risk of modern slavery in our operations and supply chain gained during previous reporting periods and developing controls to address those risks where required.
During the period to June 2025 Cash Converters has:
· Continued to provide mandatory modern slavery training modules. The modules enable Cash Converters to monitor and track the number of employees who have undertaken and successfully completed the annual modern slavery training.
· Reviewed and updated policies and procedures to enable us to continue to identify and mitigate the potential risk of modern slavery in our supply chain
· Enhanced due diligence on our suppliers by having a dedicated procurement team member
· Continued to utilise clear reporting lines where potential risks are identified – where the risk is within the supply chain the information is reported to the Head of Risk and Compliance initially, escalated to the Risk Committee and where appropriate to Risk Committee will report to the Board. Any risk within our employees is reported via our whistleblowing process.
· Continued with our robust employee practices.
· Continue reviewing and assessing the number of supplier agreements across the Group’s supply chain that require the incorporation of appropriate modern slavery provisions and protections.
· Continued risk assessments of new and existing domestic and international providers and suppliers across the Group.
· Continued our close work with our parent company Cash Converters International in Australia to utilise resources and align standards across the global Cash Converters business
Cash Converters will continue to look for and report on ways in which it assesses effectiveness in future reporting periods.
Consultations
Cash Converters has worked with and consulted senior management within the Group, including with our parent company in preparing this modern slavery statement. Those senior managers sit across core business operations and subsidiaries.
Franchisees are independently owned and operated entities.
Cash Converters (UK) Limited and Cash Converters (UK) Stores Limited are wholly owned subsidiaries of Cash Converters (UK) Holdings Limited. This statement was approved by the Cash Converters UK Holdings Limited Board on 15 October 2025.
