Qualified advisers answering your
Financial Questions
call 0800 092 1245

Cattles issues a further profit warning and suspends key executives

Troubled finance group Cattles has today issued a new profit warning, it's second in less than a fortnight, amid suggestions that internal controls within the group may not have been adhered to. The company has also suspended three key executives at one of its more prominent trading arms while accountant Deloitte continues to review the company and its balance sheet.

This second profits warning is a serious blow to the prospects of recovery in the short to medium term as the group also has a £500 million funding program which needs to be refinanced in the short term. This is only part of a larger debt pile which needs to be reviewed and managed going forward, hence the introduction of Deloitte to rule on the state of the business and prospects for the future.

While Cattles is best known for its door step lending operations, something which many had expected to prosper in the ongoing recession, the last 12 months have been very difficult and appear to be getting worse. The value of Cattles shares has fallen by 98% this year due in main to the enormous debt pile and the company's inability to negotiate a banking licence with the authorities earlier this year. The future looks very difficult for the company at this moment in time but we await publication of the Deloitte review in due course.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details