Cattles/Welcome Finance - GM Results

[LuggerBugs]

The sale of CIF has been approved folks.

No money left to prop up Welcome

Cattles PLC - EGM Statement

[Tools]

Re: Cattles/Welcome Finance - GM Results

Guess whos offices I almost ramraided in a 44 tonne lorry yesterday lugger.................................I even took a photo for you. I was dying to talk to some of the staff and rifle through their rubbish bins but Ame wouldn't let me

[Sapphire]

Re: Cattles/Welcome Finance - GM Results

Now the way I see it is that Welcome are now up a swanny without a paddle, am I right on that ?

Any chance of a nice little write up of what it means to the customers ?

[LuggerBugs]

Re: Cattles/Welcome Finance - GM Results

Guess whos offices I almost ramraided in a 44 tonne lorry yesterday lugger.................................I even took a photo for you. I was dying to talk to some of the staff and rifle through their rubbish bins but Ame wouldn't let me

She's a spoilsport

Saffy, what it boils down to now is, it'll be a bun fight for what little cash there is to go round.

The shareholders will want to get their hands on what they can. And the banks likewise.

Of course, the banks will be first in line as far as I see it, since they are the lenders after all.

So poor Welcome will be royally shafted. And I'm not sure that anybody will have the bottle to buy the debts, since it's becoming increasingly obvious that virtually every agreement, at least those with PPI on, is worth so much toilet paper.

We just really need to find out who the administrators will be, in that case. And whether they will be realistic enough to accept that there's an awful lot of accounts that can't be enforced.

[Sapphire]

Re: Cattles/Welcome Finance - GM Results

Well lets get our hunting shoes on then rofl.

Hi Ho, Hi Ho, its off hunting we shall go, la la la la, la la la la, hi ho, hi ho etc etc .......................

[LuggerBugs]

Re: Cattles/Welcome Finance - GM Results

Just found something else out. Apparently, all their agreements are non cancellable. So for those that took loans out and did all the paperwork by post, the Distance Selling Regs apply. Which means you are supposed to have 14 days cooling off....

Exactly.

[Amethyst]

Re: Cattles/Welcome Finance - GM Results

510 Cattles staff at risk of redundancy - 02/09/2009

Cattles has revealed plans to close 30 branches in its Welcome Financial Services division, putting around 510 jobs at risk of redundancy.

In a statement issued this morning the board of Cattles said that as part of an ongoing comprehensive review of the Welcome business, it has proposed the closure of 30 branches where leases have expired or are due to expire, along with a reduction in the number of its sales and support teams.

The specialist lender will now enter into a consultation process with staff affected by the proposals, of whom around 510 will today receive notice that they are at risk of redundancy.

Cattles said its new management team believes that the proposed measures better align the network with reduced levels of lending and will deliver efficiencies in line with Cattles’ commitment to manage the business through cost-efficient operations and improved cash collection processes.

Margaret Young, executive chairman of Cattles, said: "These proposed changes are central to Cattles achieving a more cost efficient business model which mirrors current levels of lending activity. Cattles is still in constructive discussions with its key financial creditors to obtain a standstill agreement."

Cattles revealed in July that it sacked six executives, including two board members, after a probe into accounting irregularities discovered a £700m hole in the company’s provisions against loan losses. Welcome has also suspended new lending to customers.

It is understood that Cattles is in talks with creditors over the potential restructuring of around £500m worth of loans. Royal Bank of Scotland is the largest lender among a consortium of 22 lenders to Cattles.

[LuggerBugs]

Re: Cattles/Welcome Finance - GM Results

Shall I pop some flyers through the door of my local office when I get home?

Inviting the staff to visit us here so we can best advise them on how to deal with their debts?

Oh, how the worm turns. LOL

[Sapphire]

Re: Cattles/Welcome Finance - GM Results

Thats funny they tried to call me this morning, but I was driving, hmmmm I wonder what they wanted ...... wonder if they will call back ....... shall I call them back ....... will I the hell as like.

[Sapphire]

Re: Cattles/Welcome Finance - GM Results

Couldn't resist I called them, apparently our local office is staying open and CarCraft are now taking over the car sales business. Hmmmm wonder how long they will last.

[Amethyst]

Re: Cattles/Welcome Finance - GM Results

CATTLES Invoice Finance was today relaunched as Absolute Invoice Finance, armed with a £100m fund to support business growth.
Absolute today severed ties with its troubled Yorkshire-based parent plc, as the £65m sale to specialist private equity firm AnaCap was completed.
Absolute is offering businesses funding lines of between £25,000 and £2.5m, as it seeks to ease the pressures on growing firms still struggling to access funding.
Focused on providing cash flow solutions to small and medium enterprises, Absolute operates from a network of six fully operational regional centres across the UK.
Doug Crawford, chief executive of Absolute Invoice Finance, said: “Despite recent reports suggesting an upturn in the economy, entrepreneurs are still having to battle to secure funding to grow their businesses.
"For start-ups, early stage businesses and even those with long and successful trading histories, that has created ongoing difficulties in maintaining healthy cash flow, let alone planning for future growth.
“With the support of AnaCap, an exceptionally strong balance sheet and a substantial new funding line from Lloyds TSB Commercial Finance, we are now an extremely well capitalised business.
"That, together with significant headroom in our working capital position, means we are heading into the market confident and with a fierce appetite to do deals.
“We are committed to providing the same positive and bright future to the UK’s dynamic small and medium enterprise sector.”
David Jones, the Yorkshire-based regional managing director of Absolute Invoice Finance, added: "Absolute Invoice Finance is our new name but it is built on the best bits of Cattles Invoice Finance - our people, culture, service delivery, the flexible way we do business and our desire to work with clients.
"Our existing approach to offering flexible and local decision making will continue to ensure we maintain our high standard of service to both you and your clients.
Being backed by a parent who is keen to invest in and significantly grow the business means we now have access to significant additional funding making our appetite for deals stronger than ever.
This is a hugely exciting time for us at Absolute as we become one of the most secure independent invoice finance companies in the marketplace. We’ve got big plans for the future."


source: Yorkshire Business News, Events and Information THEBUSINESSDESK.COM