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Cattles sees write downs of up to £700m

Cattles has warned its shareholders that it will have to write down up to £700m to cover bad debts.

The Cattles board says it had received inaccurate information from some of its directors regarding the debts.

As well as its £700m provision for loan impairments, it is also looking at making an additional impairment provision of £150m for any possible future losses.

In February the board announced that it would delay the release of its preliminary results pending completion of a review of the adequacy of the group’s impairment provisions.

Since then, an independent review commissioned by the Audit Committee, with the assistance of Freshfields Bruckhaus Deringer LLP, Cattles’ legal advisers, and Deloitte LLP have confirmed the board’s belief that there has been a breakdown of internal controls which has resulted in the group’s impairment policies being applied incorrectly.

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