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Latest NewsEconomics, government & businessJob creation and losses

Loan company Cattles to cut 1,000 jobs

by Rob Moss 7 Jan 2009
by Rob Moss 7 Jan 2009

Loan firm Cattles has announced that it is cutting around 1,000 jobs, including 400 jobs with the closure of its operations in Hull.

Cattles is in refinancing talks with banks and last month sought to raise £200m from shareholders.

The firm added that new business in 2009 at its main lending business, Welcome Finance, would be 75% down on 2008.

In addition to the job reductions â€“ about one-fifth of its total workforce â€“ and the suspension of dividend payments announced in a trading statement last month, a range of other cost-saving measures will be adopted to conserve further cash over the coming months.

Chief executive David Postings said the actions were part of a series of measures to strengthen the business in the uncertain economic environment.

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“We have not taken these decisions lightly and we firmly believe that by cutting costs and preserving capital in the business, we can continue to trade profitably, weather the current economic conditions, and continue to serve more than 850,000 customers in this important part of the market”.

The news came as Marks & Spencer confirmed 1,100 job cuts as reported yesterday.

Rob Moss

Rob Moss is a business journalist with more than 25 years' experience. He has been editor of Personnel Today since 2010. He joined the publication in 2006 as online editor of the award-winning website. Rob specialises in labour market economics, gender diversity and family-friendly working. He has hosted hundreds of webinar and podcasts. Before writing about HR and employment he ran news and feature desks on publications serving the global optical and eyewear market, the UK electrical industry, and energy markets in Asia and the Middle East.

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