Cattles plc has dropped its bid to become a bank holding
company, the sub-prime lender announced.

Cattles is the parent company of motor finance company Welcome
Financial Services, which specialises in sub-prime hire
purchase.

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It recently announced it was to cut 1,000 jobs and to restrict
its lending volume by 75 per cent. In addition, £635m of Cattles’
debt will fall due this summer, which the lender will attempt to
renegotiate.

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