The parent group of one of the most
well-established
car finance
companies in the UK could be in trouble. According to
vehicle finance news,
Cattles is warning of impending losses from 2008 figures,
breaches in its covenants. The group has moved to suspend three of
its directors.
Cattles has specialised in providing
car finance for people with
poor credit history. Using the trading name
Welcome Car Finance, the company has a significant share of
bad credit car finance
loans . The group has now suspended their
finance director, COO and compliance and risk director.
An external audit has revealed that the
vehicle finance specialist will incur significant pre-tax
losses for 2008. The group has already moved to suspend its
managing director.