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Jobs under threat at Cattles - Business - News - Manchester Evening News
Jobs under threat at Cattles
April 28, 2009
AROUND 130 jobs are under threat at crisis-hit consumer lender Cattles after it announced plans to close its car loans arm.
Cattles said it had begun consultation with staff over shutting the Welcome Car Finance business to conserve cash.
The operation lends money to borrowers with a poor credit history to buy cars from its network of 10 branches across the country.
Batley-based Cattles has been selling stocks of cars left over from last year, but said that without funds to buy new stock the business model was `unviable'. The closure will cost it £5m.
Welcome Car Finance has branches in Castleford, Castle Donington, Bristol, Edinburgh, Luton, Knowsley, Thurrock, Feltham near Heathrow, Fareham and South Tyneside.
In the first half of last year it made profits of £3.7m.
Cattles' shares suspended
Cattles' shares suspended - Business - News - Manchester Evening News
April 23, 2009
SHARES in consumer lender Cattles were suspended after the troubled firm said it would not be able to publish accounts by the end of the month.
Cattles, which has been rocked by an investigation into the misreporting of its bad loan provisions, will miss the April 30 deadline because of the complexity of refinancing talks with its banks.
With the passing of the deadline set to trigger a suspension of shares by the Financial Services Authority, Cattles requested the move to avoid a disorderly market for investors.
Jobs under threat at Cattles
April 28, 2009
AROUND 130 jobs are under threat at crisis-hit consumer lender Cattles after it announced plans to close its car loans arm.
Cattles said it had begun consultation with staff over shutting the Welcome Car Finance business to conserve cash.
The operation lends money to borrowers with a poor credit history to buy cars from its network of 10 branches across the country.
Batley-based Cattles has been selling stocks of cars left over from last year, but said that without funds to buy new stock the business model was `unviable'. The closure will cost it £5m.
Welcome Car Finance has branches in Castleford, Castle Donington, Bristol, Edinburgh, Luton, Knowsley, Thurrock, Feltham near Heathrow, Fareham and South Tyneside.
In the first half of last year it made profits of £3.7m.
Cattles' shares suspended
Cattles' shares suspended - Business - News - Manchester Evening News
April 23, 2009
SHARES in consumer lender Cattles were suspended after the troubled firm said it would not be able to publish accounts by the end of the month.
Cattles, which has been rocked by an investigation into the misreporting of its bad loan provisions, will miss the April 30 deadline because of the complexity of refinancing talks with its banks.
With the passing of the deadline set to trigger a suspension of shares by the Financial Services Authority, Cattles requested the move to avoid a disorderly market for investors.
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