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Possible Job Losses at UK Lender

Cattles, a United Kingdom rub prime lender, has announced it may be forced to cut as many as 510 jobs or more. The jobs would be lost as from the companies Welcome Financial Services subsidiary arm.

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 with the company.

As well as trading under the Welcome brand, Batley-based Cattles also owns the 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 £700 million 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 Catles has since said that it would enter into a consultation process with all staff at this particular arm affected by the proposition, with about 510 receiving notice that they are at risk of redundancy.

This is a difficult time in the current financial climate and Cattles are suffering from the 700m of load and debt.