Birstall firm set to shed jobs (From Bradford Telegraph and Argus)

Birstall firm set to shed jobs

11:05am Friday 18th December 2009 in

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More West Yorkshire job losses are expected after stricken consumer finance firm Cattles admitted defeat in its battle to restart lending under Welcome Finance.

The Birstall-based firm will now focus on winding down the Welcome loan book after failing to secure a restructuring agreement with creditors.

Further job losses are likely among the 3,200 remaining staff at Cattles which said the cost base would shrink to reflect the size of the loan book.

Shareholders were also told to expect “little or no value” for stock as the lender fights for survival. The shares are currently suspended at 6.88p. Cattles is still working with creditors to agree a restructuring of the wider business.

It will continue to operate its doorstep lending arm Shopacheck and debt collection business The Lewis Group, with a view to developing these businesses.