Hugh Stewart

Fayetteville, NC (USA)
Role(s):
Founder/Owner/Principal

Carolina North Check Cashers, LLC

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Location: Fayetteville
Industry: Finance
Year Founded: 2005
Number Employees: 10-50 people
Description: Carolina North Check Cashers, LLC (“CNCC” or the “Company”) is a limited liability company that owns and operates five stores in North Carolina as franchisees of ACE Cash Express, Inc., the largest owner and operator of check cashing stores in the United States. Operating since December 2005, these franchised ACE stores provide check cashing, bill and utility payments, money orders, prepaid credit/debit cards, wire transfers, and a host of other services. CNCC does not offer any type of payday or cash advance lending. CNCC's financial services meet the financial needs of individuals whose incomes range from $22,000 to $30,000 per year in North Carolina. CNCC's primary customers include working-class people and small business owners looking for an alternative to traditional banks, transient and visiting construction workers, migrant factory and farm workers, and elderly and local Hispanic residents—all of whom need a place to cash checks, pay bills and transmit money. In addition to featuring a well-known and trusted national brand with a reputation for superior customer service and a membership card that can be used anywhere in the United States, CNCC franchises offer several key competitive advantages, including reduced fees on many check cashing services and the ability to cash a wider variety of checks than its competitors. The franchises provide a safe, secure place for conducting business, are operated by an experienced and talented management team, offer a dynamic employee incentive plan, and feature a clean, bright atmosphere with an experienced, highly knowledgeable staff. CNCC seeks funding to expand operations and develop a new franchise to mine this lucrative market. CNCC is owned and operated by Hugh Stewart and Robert Swanson (the “Managers”) who have been in business together in other ventures since 2002. The stores are currently operated by a team of 10 check cashers who include two managers who each have in excess of 8 years of check cashing experience, and one manager who has more than 6 years of experience. These managers are responsible for continual and new employee training and provide invaluable support in maintaining and conducting CNCC’s extensive check cashing risk assessment program. CNCC has secured a dynamic location for its sixth and final store in Spring Lake, North Carolina. CNCC plans on opening this store in December 2008. As of this writing, CNCC realized an annual total transactional volume of over $25MM, the Company saw revenues of $713K in the past 12 months, and it has grown approximately 51% from the same period of the previous year. It is a rapidly growing company that realized positive net income and cash flow in October 2008. ACE Cash Express, Inc. has made an internal decision to no longer expand its franchising activities. As a result, it announced in July 2006 that it would halt the introduction of any new franchise owners and begin repurchasing all of existing ACE Franchisees. CNCC projects that the currently owned stores will be acquired by ACE Cash Express, Inc. before July 2012.