Car finance company may sell invoice arm

Mon, 11 May 2009



The troubled subprime car finance lender Cattles may also review the Invoice Finance section of its business, one option being to sell. Last week, Cattles revealed that they would shut down Welcome Car Finance .

At this stage, the company are still reviewing the situation. They reportedly commented: "No firm decision has been reached and a further announcement will be made when appropriate."

The business isn’t directly linked with vehicle finance, instead providing capital to SMEs throughout the UK. The company intend to close Welcome shortly, cutting some 130 jobs. At this stage, Cattles shares remain suspended.

The motor finance sector has recently faced considerable turmoil, with finance restricted and new car sales plummeting.
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