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July 2, 2009

Cattles completes boardroom clearout

by Gill Montia

Story link: Cattles completes boardroom clearout

Cattles, the doorstep lender that trades as Welcome Financial and Shopacheck, has reported that an independent review of its internal accounting controls has been completed.

In March, the firm issued two profit warnings within days, announced that its 2008 results would be delayed and began suspending directors.

A breakdown in internal controls had apparently resulted in the incorrect application of impairment policies at its Welcome Financial unit.

The review, carried out by Freshfields and Deloitte, has resulted in the dismissal of six suspended executives.

The cull includes finance director, James Corr; chief operating officer and chairman of Welcome Financial, Ian Cummine.

In addition, the group’s current treasury & risk director, Mark Collins, has left the company with immediate effect.

None of the departing executives will receive any compensation for loss of office and a number of other employees, both at group and subsidiary level, are facing disciplinary action.

In addition, Cattles plc chairman, Norman Broadhurst, has stepped down with immediate effect as has chief executive, David Postings.

Cattles says it continues to work closely with its debt providers with a view to obtaining a standstill agreement.


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