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Cattles suspends three more directors

Cattles has been forced to suspend three more directors, after admitting it thinks it is in breach of its lending covenants.

Cattles, the parent of Welcome Finance will therefore be seeking appropriate waivers from its relevant debt providers.

Following a review of the firm by its auditors the lender has warned that it will incur a significant loss before tax for 2008 and will also need to restate its financial statements for 2007.

The news prompted the lender’s shares to fall by 20% this morning.

The three director suspensions are in addition to those announced last week.

James Corr, finance director of Cattles, Ian Cummine, chief operating officer of Cattles and chairman of Welcome Financial Services, along with Adrian Cummings, compliance and risk director for Welcome Financial Services lending division, have all been suspended pending the outcome of the review.


The Rocky road goes ever on

Recent press reports about a men-only 3i party for bankers have an interesting footnote.

PMS launches large loan service

PMS has launched a new commercial partnership with specialist broker to deliver a large loan referral service for PMS specialises in mortgages of between £500,000 and £50m and has expertise and experience in creating tailored solutions for brokers and their clients.Martin Reynolds, development director of PMS, says: “We are all aware that the […]

Alexander Hall to close head office

Alexander Hall is to close its head office on Lombard Street, London, but says the decision is not related to the current economic climate.

Research shows consumers value societies above banks

Savers and borrowers with building societies are more satisfied than customers of other financial service providers, according to research conducted by NOP and recently published by the Building Societies Association.


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