Cattles FDs among sacked six

Cattles has fired its group finance director and the FD of
its principal lending arm with immediate effect and with no compensation for
loss of office, following an ongoing forensic review into the stricken finance
group which has seen six senior executives go.

Group FD James Corr and Welcome Financial Services (WFS) FD Peter Miller had
their employment terminated on 1 July after their suspension from duties in
March alongside four other senior executives, including its chief operating
officer and WFS’s managing director. Corr’s role had already been handed to
interim FD Jamie Smith in April, while Robert East ­ Cattles’s banking director
who was due to become group FD before the reviews broke ­ will join the board as
chief restructuring officer after the AGM on 29 July.

Cattles’s chairman Norman Broadhurst ­ FD of Railtrack before its collapse ­
CEO David Postings and its treasury and risk director Mark Collins all stepped
down with immediate effect on 1July, though Postings stays as a consultant for
six weeks.

For the background to Cattles’s woes and its various FDs, click
here.