CTT Cattles

 

TIDMCTT 
 
RNS Number : 7475G 
Cattles PLC 
05 February 2010 
 

This announcement replaces the Cattles plc 'Potential Staff Reductions' 
announcement released today at 10.01am under RNS No 7456G.  The company name 
throughout the announcement should read 'Cattles plc' and not 'Moscow plc' as 
previously stated.  All other details remain unchanged.  The full announcement 
appears below. 
 
                                  Cattles plc 
 
            Potential Staff Reductions at Welcome Financial Services 
 
 
The Board of Cattles plc ("Cattles") today announces proposed changes in the 
organisation of its subsidiary Welcome Financial Services Limited. 
 
The Board of Cattles announced recently that, following an extensive strategic 
review of its business and subsequent discussions with its financial creditors, 
it was unable to recommend a business plan which would allow Welcome Finance 
("Welcome") to continue lending and it would therefore focus on collecting out 
Welcome's existing customer loans. It is envisaged that this process could take 
two to three years and, during that period, the Group's cost base will contract 
to reflect the reducing size of the book. 
 
As part of an ongoing comprehensive review of the Welcome business, Cattles has 
announced today that it proposes the closure of circa 70 Local Management 
Branches and Local Collections Units nationwide. Cattles will now enter into a 
consultation process with staff affected by the proposals, of whom approximately 
450 will today receive notice that they are at risk of redundancy. 
 
Commenting on the plans, Margaret Young, Executive Chairman of Cattles, said: 
 
"These proposals to further streamline the Welcome organisational structure have 
been put forward after an extensive review and careful consideration. We believe 
they are essential to Cattles achieving a more cost efficient business model 
which mirrors the reducing size of the Group's loan book." 
 
- END - 
 
For further information: 
Margaret Young, Executive Chairman, Cattles plc 
Paul Marriott, Financial Dynamics 
Tel: 020 7269 7252 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCUVORRRBAURAR 
 

Cattles (LSE:CTT)
Graphique Historique de l'Action
De Fév 2025 à Mar 2025

Cattles (LSE:CTT)
Graphique Historique de l'Action
De Mar 2024 à Mar 2025