Consumer lender Cattles hopes for debt extension

Jun 23 2009 By Huddersfield Examiner

The lender has endured a difficult year – triggered by the problems over its accounts, over which six senior executives remain suspended.

In April, it said it would close its Welcome Car Finance car loans business to conserve cash, while it is also considering the sale of its invoice financing arm.

Cattles’ main Welcome Finance business is still up and running, but has suspended lending to new customers in order to conserve funds.

Earlier this year the firm also had to concede defeat in its long-running attempt to secure a licence for banking deposits in the current market turmoil.

Cattles announced 1,000 job cuts and the closure of an office in Hull as it looked to shrink the business in line with reduced volumes.