A reorganisation at Welcome Financial Services will see 30 branches
of the subprime lender closed, with around 500 job losses.
Margaret Young, executive chairman and a
former non-executive director of Welcome FS, which is owned by the
lender Cattles, said: “These proposed changes are central to
Cattles achieving a more cost efficient business model which
mirrors current levels of lending activity. Cattles is still in
constructive discussions with its key financial creditors to obtain
a standstill agreement.”
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Welcome FS has ceased accepting new
business, including subprime motor finance business, and is in the
process of running off its book, following the discovery of
accounting irregularities at the division.
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