Cattles review of Welcome Financial brand puts 500 jobs at risk

Cattles, which has already axed 1,000 jobs this year, is proposing to cut a further 510 jobs at its Welcome Financial Services subsidiary.

The struggling sub-prime lender, which is battling to stay afloat, is seeking ways to slash costs and as leases on its premises expire, several Welcome Financial Services branches could close.

In a statement, the firm said: “As part of an ongoing comprehensive review of the Welcome business, Cattles proposes the closure of 30 branches where leases have expired or are due to expire and a reduction in the number of its sales and support teams.

Cattles’ new management team believes the proposed measures better align the network with reduced levels of lending and will deliver efficiencies.”

The lender said a consultation process with staff had begun, with about 510 receiving notice that they are at risk of redundancy.

In addition to trading under the Welcome brand, the lender also owns Lewis, a debt collection and investigation service.

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