View more on these topics

Cattles suspends more directors

The crisis at Cattles showed no sign of easing last week after the sub-prime lender suspended a further three directors pending the out-come of a review of its accounts.

These latest suspensions are in addition to the three previously announced.

James Corr, finance director at Cattles, Ian Cummine, chief opera-ting officer of the firm and chairman of Welcome Financial Services, and Adrian Cummings, compliance and risk director at Welcome Financial Services’ lending division, have all been suspended.

As well as warning that it now expects its 2008 results to be substantially worse than anticipated, the troubled company will have to re-submit its 2007 financial results after admitting it may be in breach of its lending covenants.

The company is still trying to renegotiate its 635m bank facility after abandoning plans to apply for a banking licence from the Financial Services Authority.

Recommended

Curriculumvitae: Chloe Taverver

Describe your current job

I’m responsible for maintaining The Business Mortgage Company brand, our media profile and all broker communications. I am also in charge of implementing the marketing plans for our key distribution partners. My role is quite varied and requires advanced juggling skills as I am usually involved in a number of projects at any given time.

Broker document service unveiled

A Lancashire-based compliance firm has launched a service where-by brokers can buy compliance manuals and supporting documents on a one-off basis.

Now more than ever, we need to back the small developer

In the context of the current housing deficit, the latest housebuilding stats aren’t great. But what does doing better look like? The Department for Communities & Local Government published its latest figures at the end of August, which revealed that housebuilding starts in England rose 2 per cent in Q2 compared to the previous quarter […]