Cattles lenders firm to cut 510 jobs

UK sub-prime lender Cattles is proposing to close 30 branches at its Welcome Financial Services subsidiary, with the loss of 510 jobs.

The firm is about to enter into consultation with its staff affected by the proposals, which would see branches close when the lease expired, according to the BBC.

Earlier this year, Cattles discovered it had an extra £700m of bad loans on its books following a review of its accounts.

It has been hit hard by the credit crunch and a new management team brought in has been seeking ways to reduce costs.

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