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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.

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