Embattled sub-prime lender Cattles has proposed the closure of 30 Welcome Financial Services branches where leases have expired or are due to expire and a reduction in the number of its sales and support teams

This could result in the loss of 510 jobs. Cattles will now enter into a consultation process with staff affected by the proposals

Margaret Young, executive chairman of Cattles, said: “These proposed changes are central to Cattles achieving a more cost efficient business model which mirrors current levels of lending activity