Troubled lender Cattles has announced that it has completed an
independent forensic review investigating the group’s failure to
set aside enough funds to cover bad loans, which left it saddled
with an £850 million (€993 million) debt.

Following the review, the lender also terminated with immediate
effect the contracts of six of the company’s executives, including
Cattles’ finance director James Corr and Ian Cummine, Cattles’ COO
and chairman of Welcome Financial Services. Mark Collins, Cattles’
treasury and risk director is also leaving the company with
immediate effect. It is understood that none of the departing
executives will receive any compensation for loss of office.

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A source confirmed to Leasing Life that “in terms of
those whose employment was terminated with no compensation, the
regulators and supervisory committees have been informed and that
would be a matter for them to decide how they wish to progress
that”.

Cattles will now focus on discussions with the banks, the lender
added in a regulatory statement.

“[The management team is working to] create a solid platform for
the group’s future development. And that is why the changes have
been made to [the group’s] operating structure. Clearly the focus
is to create stability in order to ensure discussion with the banks
to continue in a constructive way,” the company said.

In terms of Welcome Car Finance, which went into consultation
last April, the company said:

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“There has been some speculation about Cattles Invoice Finance,
in terms of whether or not it will be disposed of, but there is
nothing definitive at the moment.”

Abdus Shuman