Cattles, a UK rub prime lender, has announced it may be forced to cut as many as 510 jobs. The jobs would be lost as from the Welcome Financial Services subsidiary.
The struggling firm is thought to be planning to close around 30 branches upon expiration of leases and is also looking into reducing the amount of support and sales staff.
As well as trading under the Welcome brand, Batley-based Cattles also owns debt recovery firm Lewis.
Cattles has been hit hard by the economic downturn and earlier this year appointed a new management team in an attempt to look into ways of cutting costs.
Cattles discovered that it has an extra £700m of bad loans on its books following a review of its accounts earlier this year, which was put down to a failure of internal processes.
The company has since said that it would enter into a consultation process with all staff affected by the proposition, with about 510 receiving notice that they are at risk of redundancy.
