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

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

3d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

3d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor