Debt worries: Hundreds of financial workers face redundancy

09/02/2010

Hundreds of jobs are under threat as a lending company looks likely to close its doors.

Consumer finance firm Cattles has said that it plans to close around 70 of its nationwide branches of Welcome Finance.

The job losses could leave around 450 people in need of debt management as their income looks uncertain.

Cattles' decision follows an earlier cull last September which saw over 500 people lose their jobs.

Customers who have loans with Welcome will still be required to pay back the money owed - a process expected to take around three years to complete.

Margaret Young, executive chairman of Cattles, commented: "These proposals to further streamline the Welcome organisational structure have been put forward after an extensive review and careful consideration."

The company has been forced to take action following losses in 2009 of £347.4 million before tax.

Posted by Jim Mead

Tags; Job loss,

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