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Cattles bond holders walk away

A number of prominent bond holders in struggling lending group Cattles have today walked away from discussions which could have seen the assets of the company transferred to a new holding group for a nominal fee to allow the company's loan book to be wound down. For those who have followed the history of Cattles, this is one of the more prominent doorstop lenders of the past which has fallen on hard times resulting in a suspension of the shares back in the spring of 2009.

It is easy to forget that the company was once valued in excess of £1 billion however on the day the shares were suspended this market cap had fallen to just £5 million. It is difficult to explain in detail how the company actually did collapse because ultimately you would have expected more demand for so-called "doorstep lending" in more troubled economic times. However, it is believed the company wanted to expand into banking although it wasn't able to obtain a banking licence which would have allowed the company to collect deposits.

At the end of the day it was probably the massive increase in money market rates after the credit crunch and during the worldwide recession which effectively put an end to the operation.

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