THE credit crunch may be heaping gloom on many companies — but business is booming for Bolton-based Cash Generator.

Bosses report the company is living up to its name by bucking high street trends of plummeting sales, by reporting excellent income growth coupled with a rapid expansion of new stores.

To build on its success the buy, sell and loan franchise company will be launching its own dedicated website which bosses claim will be the largest UK online saleroom of pre-owned goods which has a bricks and mortar presence on the street.

Each Cash Generator store will be able to upload resale stock, with buyers safe in the knowledge that goods have a six month warranty and the store has a high street presence.

The company believes the internet and resultant online sales boom is the future growth market and will be driven by consumers wanting to make their pound stretch further in a harsh economic climate.

Following a management-led buy out in April 2008, Cash Generator is reporting that all areas of the business are enjoying good year-on year growth for February 1 up to November 15, 2008, compared to the same period last year.

For the group, retail sales are up four per cent, the buying of pre-owned items from the public has increased by 18 per cent, cheque cashing has improved by 13.1 per cent and pawn broking has reached a staggering increase of 101.3 per cent — although that only accounts for around four per cent of overall business.

Collectively, franchise and company-owned stores have increased gross profits significantly by 11 per cent.

Managing director Julian Urry is upbeat about the future: “We have 85 outlets nationwide with 17 company owned and the rest owned and operated by franchisees and this year we expect to open at least 13 other stores."