BusinessBusiness RecoveryCattles may cull 150 staff

Cattles may cull 150 staff

Troubled sub-prime lender aiming to recover after accounting scandal says 150 staff will be put on consultation as it looks to reduce its cost base

Sub-prime lender Cattles has said more than 150 staff of its staff face the
threat of redundancy.

The company was embroiled in an
accounting
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.”

Further reading:

Cattles
saga takes new twist with £850m writedown

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