Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

510 jobs
Number of planned job losses
Job loss
Announcement Date
3 September 2009
Employment effect (start)
Foreseen end date

Description

Cattles, a low-income lender, announced plans to cut 510 jobs from its lending operations. The company is in debt and therefore aims to cut costs further proceeding with the closure of 30 branches. Its shares have been suspended since April 2009 after the deadline to publish its 2008 results was missed. The company has entered a consultation period with affected staff.


Sources

  • 3 September 2009: The Independent

Citation

Eurofound (2009), Cattles, Internal restructuring in United Kingdom, factsheet number 69833, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69833.