Stamford Hill shop owner fears closure after 30 years service

Currency exchange owner Aron Goldman (Image: Archant)

Marvelpride, a money exchange service in Hackney is one of many small firms across the UK that face closure due to new regulations and tightened rules on money-laundering.

The shop in Darenth Road is owned by Aron Goldman, 58, and now he and his eight-strong workforce face a nervous end to the year as they hope to stay afloat through the festive period and beyond.

These small money-transfer shops, including Mr Goldman’s Stamford Hill business are perceived too risky by national banks as they can send money to various unstable monetary countries.

Marvelpride’s provider of foreign currency, Thomas Exchange Global, was forced to end its partnership with the Hackney store after pressure from its bank, Royal Bank of Scotland.

Mr Goldman believes that closure of the shop could happen at any time as the store is unable to continue as it is currently.

He said: “The closure would have a very strong affect on me, the people who work here and the community.

“The whole community uses us for monetary exchange and I have seen and served the same people for 30 years, if the shop was to shut then it would be a big loss for us and the community.”

Mr Goldman claims the tightening of rules has “decimated” his business with Marvelpride losing more than half of its business.

He said: “We don’t have the money to do business; we are sending customers away all the time, 80 customers had to close down their accounts when we lost our supplier.”

Mr Goldman insists he and his staff work tirelessly to do everything they can to follow the rules.

Marvelpride is examined and inspected by suppliers regularly.

The 58-year-old added: “I work 12 hours a day on compliance; from the very beginning I have made sure to follow the rules.”

The loss of business has already meant Mr Goldman has had to let go of seven members of staff who all live locally in the area.

The owner feels that the Royal Bank of Scotland is misapplying new regulations and shutting down businesses that had no need to be closed.

The government is currently reviewing its laws but Mr Goldman thinks that policy needs to change now or it may come too late for his business and many others across the country.