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British subprime lender Cattles warns of 2008 loss

British subprime lender Cattles warns of 2008 loss

Subprime lender Cattles PLC suspended three more executives Tuesday, including its finance director, and said it would restate its 2007 earnings and post a significant loss for 2008.
Cattles, which specializes in lending to people who cannot get credit from mainstream banks, said it was "in breach of covenants under its borrowing arrangements" and would seek waivers from its debt providers.
The company's share price dropped 8 percent to 2.25 pence on the London Stock Exchange on Tuesday, having plummeted around 90 percent over the past year.
The group has issued a number of profit warnings since Feb. 20, when it announced it was postponing its full-year results and launched an independent audit.
It said Finance Director James Corr, Chief Operating Officer Ian Cummine and Adrian Cummings, the compliance and risk director for its main operating unit Welcome Financial Services, were suspended pending the outcome of the review.
The company, based in Yorkshire, northern England, suspended three other directors at Welcome Financial Services last week, when Chief Executive Officer David Postings took over direct management of the division.


Updated : 2021-07-25 12:26 GMT+08:00