Troubled sub-prime lender Cattles is considering spinning off
its invoice finance arm, according to a regulatory statement.
“We confirm we are exploring options in relation to Cattles
Invoice Finance, including a potential disposal,” said the
company.
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“No firm decision has been reached and a further announcement
will be made when appropriate.”
Last week, in a move to try and save cash and boost liquidity,
Cattles’ board announced it would be closing its direct
distribution car retail and finance arm, Welcome Car Finance.
Around 130 employees are due to lose their jobs as a result,
said the lender, with the cost of closing the business estimated at
£5 million (€5.6 million).
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