Sub-prime lender Cattles has said more than 150 staff of its staff face the
threat of redundancy.
The company was embroiled in an
scandal last year, which forced it to postpone the release of its annual
report until its issues had been resolved.
The Cattles board announced a potential reduction in staff numbers at Welcome
Financial Services Limited as part of a drive to adjust the cost base of the
business to the decreased size of its loan book.
As a result of a review into the costs associated with collecting loans,
Cattles proposes the closure of 18 branches nationwide and a contraction in the
current Operations management and their support staff in line with the smaller
number of branches, ” Cattles said in a statement to the City today.
“Welcome Financial Services will now enter into a consultation process with
staff affected by the proposals, of whom approximately 155 will today receive
notice that they are at risk of redundancy.”
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