Cattles PLC: Potential Staff Reductions | Company Announcements

Friday 07 May, 2010

Cattles PLC

Potential Staff Reductions

RNS Number : 5246L

Cattles PLC

07 May 2010

Cattles plc

Potential Staff Reductions at Welcome Financial Services

The Board of Cattles plc ("Cattles") today announces a potential reduction in staff numbers at Welcome Financial Services Limited ("Welcome") as part of its ongoing drive to adjust the cost base of the business to the reducing size of its loan book.

As a result of a review into the costs associated with collecting loans, Cattles proposes the closure of 18 branches nationwide and a contraction in the current Operations management and their support staff in line with the smaller number of branches.

Welcome will now enter into a consultation process with staff affected by the proposals, of whom approximately 155 will today receive notice that they are at risk of redundancy.

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For further information:

Margaret Young, Executive Chairman, Cattles plc

Paul Marriott, Financial Dynamics

Tel: 020 7269 7252

This information is provided by RNS

The company news service from the London Stock Exchange

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