Cattles poised to axe 450 jobs

SUB-prime lender Cattles has warned that 450 staff face redundancy at its Welcome Financial Services division.

Shareholders at the Yorkshire lender have previously been told that Cattles is unable to recommend a business plan to its financial creditors that would allow its Welcome Financial subsidiary to lend to existing or new customers.

It is now focusing on collecting existing customer loans at Welcome and plans to close of 70 ‘Local Management Branches’ and ‘Local Collections Units’ at Welcome nationwide.

Margaret Young, executive chairman of Cattles, said: “These proposals to further streamline the Welcome organisational structure have been put forward after an extensive review and careful consideration.

“We believe they are essential to Cattles achieving a more cost efficient business model which mirrors the reducing size of the group’s loan book.”

Cattles is to consult staff about the proposals, with around 450 employees today receiving notice that they are at risk of redundancy.