Gloucester's branch of The Money Shop will close for good after the company's pawnbroking loan books were acquired by Cash Converters.

The world's largest second-hand retailer has completed a deal that will see 28 books across the length and breadth of Britain transfer over to Cash Converter stores.

That means anyone with an account at The Money Shop on Grosvenor House, Station Road will now have it serviced by Cash Converters on the corner of Northgate Street and Worcester Street.

The move is part of Cash Converters' growth strategy, which will see the retailer opening 50 stores over the next five years.

The ambitious plan has been devised as the company continues to win the battle of the high street through their 'connected retail' approach.

They provide services for customers who are wanting to sell, buy or lend in the short term.

Tony Richardson, Managing Director at Cash Converters, said: "It's an incredibly exciting time at Cash Converters, as both our online and high street offering continues to go from strength to strength.

"The acquisition of these loan books will contribute to our larger company objective, which focuses on bringing customers into store and making their experience with us as simple, clear and transparent as possible.

"We want former customers of The Money Shop to now put their trust in our brand and come back and use us time and time again.

"We are confident that this acquisition will deliver value for our franchisees, as well as the local communities where the pawnbroking loan books have been obtained."

Originally based in Australia Cash Converters opened their first UK store in 1991 and is now a franchised retailer with 195 outlets throughout the country.