Car finance company in turmoil

Wed, 11 Mar 2009



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.
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