Cattles Invoice Finance

When the board of Cattles announced to the world in September that their factoing subsidiary was up for sale they stated that they hoped to conclude a deal by the end of the year.

I don’t suppose that they factored in the worsening climate for finance companies and banks at the time and the end of the year has now come and gone with no sign of any imminent announcement regarding the sale.

Rumours regarding the interest shown by Bank Santander have now gone quiet whilst we hear that Hitachi who were the recent favourites have also lost interest.

We have to repeat the advice that we gave in September that until the future is clear we cannot recommend Cattles to any of our clients.

Ian

Factoring Solutions

10 thoughts on “Cattles Invoice Finance”

  1. Following on from yesterday’s post Cattles plc issued a statement today stating “In light of the continuing uncertain funding environment and the need to take decisive action now,Cattles plc today announces a series of proactive steps to reduce costs, preserve liquidity and significantly reshape the Group”

    They claimed that “Discussions are ongoing with our bank syndicate regarding the refinancing of facilities due for repayment in July 2009 and also with the FSA regarding our banking licence application.”

    The major element of the cost cutting excercise seems to be the loss of 1,000 jobs including the closure of their Hull operation.

  2. It has all gone worryingly quiet on the Cattles front. The last rumour that I heard was that the promised date for an announcement had been and gone which doesn’t sound like a good sign at all to me

  3. Has anyone heard the latest on Cattles? I saw on Friday that the share price of their parent company had dropped to 3.5p. Has their been no further news on a potential buyer for the invoice finance company?

  4. I did write something new this morning at https://factoringblog.co.uk/?p=152

    The shares dropped due to an announcement made to the stock exchange last week that the results were going to be delayed.

    Last I heard all of the potential buyers of Cattles Invoice Finance had withdrawn their interest and the proposed management buyout was also floundering too

  5. Three months further on and we have still had no further announcement on the future of Cattles Invoice Finance and the supposed sale to venture capitalists seems to be taking for ever.

  6. I’ve been a bit out of touch with the grapevine in the last couple of weeks but I hope that this isn’t yet another false alarm for the sake of the whole factoring industry as well as the poor staff and clients of Cattles

  7. I’m back from my sojourn in the sunshine in Javea to see that the share price for Cattles has shot up by nearly one third to the heady heights of 5p

    What makes it more interesting is that over 11m shares were traded in a day which is considerably more than normal.

    Anybody would think that somebody knew something 🙂

    .

  8. A further 18m shares traded so far by mid day today with the share price rising to 8p at one stage this morning before dropping back slightly and there has been no announcement so far about anything.

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