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Cattles stops lending to new customers

In a move which many people believe does not board well for the future, doorstop lender Cattles has this evening confirmed it is not taking on any new loan customers. As we covered recently, the company is heavily in debt and likely to write off a substantial amount of its loan book, much of which is with those in the UK with sub-standard credit ratings. After initially seeming to benefit from the downturn in the UK economy the situation has turned very quickly.

There is speculation the company is dangerously close to breaching banking covenants which could force a serious change in the make-up of the business or worse. Deloitte has also been appointed to review the operation and audit the company's businesses to see exactly what can be salvaged and any changes which can be made.

While it would be wrong to call the death knell of Cattles the latest few weeks have seen new customers refused, debts continue to grow, financing issues and a review of the business operations which does not board well for the future. Perhaps July will be a defining point in the company's history with a £500 million debt facility up for renewal.

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