Struggling pawnbroker Albemarle & Bond suffered another setback on Tuesday when private equity tycoon Jon Moulton pulled out of buyout talks. Moulton's Better Capital , which owns fashion brand Jaeger and delivery firm City Link, had been the only named potential buyer after the pawnbroker put itself up for sale after it ran drastically short of funds due to the slump in the gold price . A&B, which has already started melting down its gold reserves to raise emergency cash after a series of profits warnings, said it "understands that Better Capital has withdrawn its interest in the company's formal sales process as announced on 2 December 2013". The pawnbroker, which has warned that there are "no signs of recovery"and is in danger of breaching its financial covenants, said the sale process "on-going and that it is continuing discussions with a number of interested parties". But no interested buyers were named. A&B, which has expanded from one shop in Bristol 30 years ago to 132 across the country, has issued two profits warnings in two months and begun "a programme of exceptional smelting of retail stocks [gold jewellery, etc]". Five of its board members have resigned. The company's shares have lost more than 90% of their value over the past year, and were trading at 19p on Tuesday, valuing the company at £10m. In 2011, when A&B boasted of the arrival of "the age of the pawnbroker" and it opened a string of "pop up" shops, the shares touched £3.95.
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