The chairman of Welcome Financial Services, Ian Cummine, has
left parent company Cattles, where he had been chief operating
officer.
His departure follows the completion of an independent forensic
review which investigated the group’s failure to set aside enough
funds to cover bad loans, which left it saddled with £850 million
worth of debts, and led to the closure of its car retail and
finance arm.
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The lender also terminated, with immediate effect, the contracts
of five other executives, including Cattles’ finance director James
Corr. Mark Collins, Cattles’ treasury and risk director has also
left the company. It is understood that none of the departing
executives will receive any compensation for loss of office.
A source confirmed to Motor Finance that “in terms of
those whose employment was terminated with no compensation, the
regulators and supervisory committees have been informed and that
would be a matter for them to decide how they wish to progress
that”. Cattles will now focus on discussions with the banks, the
lender added in a regulatory statement.
“[The management team is working to] create a solid platform for
the group’s future development. And that is why the changes have
been made to [the group’s] operating structure. Clearly the focus
is to create stability in order to ensure discussion with the banks
to continue in a constructive way,” the company said.
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