The parent company of Welcome Finance Services has warned that over 500 jobs could be at risk, despite already closing down Welcome Car Finance earlier this year. Cattles are hit hard by debts of 2.4 billion pounds, with accounting irregularities also causing mayhem.

The new proposals, likely to prompt a response by unions, see 510 workers on the brink of redundancy . The Welcome Car Finance car loan business closure already severed some 1,000 workers from their jobs.

The executive chairman of Welcome Car Finance, Margaret Young, reportedly commented: These proposed changes are central to Cattles achieving a more cost-efficient business model which mirrors current levels of lending activity.