Tonight:
5°c
Cattles sells finance unit to pay off debts
10 Aug 2009Stricken doorstep and sub-prime lender Cattles today sold its invoice finance arm to pay off a small part of its £2.4 billion bank debts.
AnaCap Financial Partners, the private equity firm, has forked out £10.4 million in cash for the division and £59.6 million to repay inter-company loans.
Last year, Cattles' invoice finance unit made a profit of £3.1 million. Cattles' shares were suspended in April .after accounting irregularities blew a £700 million hole in its balance sheet.
Reader views (2)
I also have money invested in cattle's.
Obviously the lack of information to shareholders from the privileged few on the board is a concern. What they directors have lost out in share value, they are now recouping in there pay packages and probably more share options. I can now fully understand how this company managed to screw up in such a big way. The vast amounts of cash available to this company seems to have been squandered away, with no explanation as yet, and we are still waiting for the revised accounts to be published, without this information these shares are worthless. All this while people with the bad credit that this company serves now have better credit than the company itself. WHAT A JOKE>>>.
- G Man, Kent,, 06/10/2009 14:25
Report abuse
Would be grateful to know when trading shares again will begin if ever. I have much needed money tied up in I thought a genuine company.
- Betty, Boston England, 06/10/2009 13:25
Report abuse
