A famous name, like any businessman, James had to start somewhere.
James Constantino 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 has built a multi-million pound empire by combining perseverance, knowledge and business acumen.
With cash flow at an all-time low, many business owners are looking to raise large amounts of cash immediately. Posh Pawn aims to meet this requirement, which is managed by hiring the best appraisers/valuers in the industry and access to sales data.
What is your USP?
We offer instant secured cash loans against all luxury/precious goods from art, wine, jewellery, watches, handbags, boats and aircraft – but what sets us apart is that we cover such a wide spectrum of asset classes and can release funds against all of these assets faster than anyone else in the UK.
What prompted you to start your business – did you want to change the status quo, or was there a gap in the market you could fill?
In the wake of the collapse of Lehman Brothers and the market downturn of 2008, there was definitely a gap in the market that needed to be filled, and while I wasn’t trying to change the status quo, I certainly did. We changed the public’s perception of the mortgage market and the industry as well.
I can’t deny that the challenge of doing something new attracted me to the scene, but the opportunity to handle some amazing, and sometimes priceless, items was a big draw for me.
What are your brand values?
Transparent – Public – Fair
I think people respect our values and we have no hidden agendas at all.
Our loans are simple and straightforward, with no hidden costs.
We want to make money from our service and I think our customers respect that.
Do your values drive your decision making?
Absolutely… Our service is 100% personalized and our teams are trained to handle each case individually with our core values in mind.
Repetition is the key to our success.
Is team culture an integral part of your business?
We employ over 50 of the best appraisers in the luxury pre-owned market, and our knowledge is limitless. We interact and leverage each other’s strengths and passions – this way we can work efficiently and quickly, where our competitors struggle to keep up.
What do you do to go the extra mile to show your appreciation to your team?
We have team building exercises and they are motivated by our rewards structure but it is much more than that, I consider the whole team part of a family that achieves something very special, from the shop floor to the highest levels of management.
They are highly valued by me individually and are appreciated – this is often lost in the workplace and individual talent should be valued more.
In terms of your messaging, do you think you speak directly to consumers in a clear way?
I think our message is very clear and Posh Pawn TV did a great job of representing the industry and getting our message across.
What do you think about inflation and interest rates – will you pass that on to your customers or will you let your profit margins take a hit and reward customer loyalty in these tough times?
We do not need to change our prices during times of stress. This trend is growing and our customers’ demands are becoming more frequent, so this covers any additional costs the company incurs due to these issues.
How often do you evaluate the data you collect and address your KPIs and why?
Data is analyzed almost daily and we adapt to any critical needs immediately. This is one of the main advantages of being an owner-operator.
Is technology playing a bigger role in the day-to-day running of your business?
Although I fear technology, there is no escaping it – yes, it plays an increasing role in what we do, especially when it comes to data analysis.
What is your position on your competitors?
I don’t care who my competitors are, I just want to be the best at what I do. And if I don’t think I’m the best, I’ll go and 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 unique selling proposition that cannot be easily copied, and do your best.
Make sure it’s in a field you’re passionate about.
It can be a stressful place to work, where you have to be the main decision maker at work. What do you do to relax, recharge and sharpen your focus?
This is where I’m supposed to tell you stories of long walks in the countryside and pub lunches followed by trips to the theatre. The truth is, if I’m not busy developing new concepts, scouting new store locations or thinking about the next big deal, I’m not relaxed or focused, I’m at my most comfortable when I’m working.
Do you believe in the 12-week method or do you develop much longer planning strategies?
I have not heard of the 12 week method and most strategies are based on lying in bed and trying to sleep.
What is your company’s environmental strategy?
As a company we are a contributor to sustainability as all of the luxury goods we deal in are pre-owned. Like everyone else we are concerned about the environment and do our best in the workplace. We look forward to a continued and new government policy to help us all focus more on the environment and ensure we always do our part. I have stopped supplying the team with super glue as well as the shuttle service to the M25.
What are three things you wish would happen in the next 12 months?
6 more operational stores, 2 weeks vacation in a hot place, and a knighthood.
