BusinessBusiness RecoveryMore misery at Cattles with another writedown

More misery at Cattles with another writedown

The troubled sub-prime lender's £555m writedown has worsened to £745m after auditors Grant Thornton said further adjustments had to be made

Cattles the sub-prime lender, still battling to recover after an accounting
scandal has just announced that a writedown of £555m is almost £200m worse than
previously disclosed.

In
a statement to the City
, Cattles’ said the £555m writedown, announced on 25
Noverber 2009 was an unaudited figure, subject to change.

Sifting through the books after being appointed as auditors in place of PwC,
Grant Thornton recommended a number of adjustments.

“These included a further increase in impairment provisions as well as
certain other provisions as at 31 December 2008 and in respect of prior years,”
Cattles said.

“The revised audited loss before taxation for 2008 amounts to £745.2m.

To compound the situation the company also warned of “a significant loss for
the year ended December 31, 2009.”

Further reading:

Cattles
may cull 150 staff

The
Cattles Timeline

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