Cattles PLC the parent company of Cattles Invoice Finance just can’t keep out of the news but unfortunately for all of the wrong reasons.
This time the board of the parent company has suspended three directors of one of it’s subsidiaries (Welcome Finance) who appear to be carrying the can for allegedly not applying the correct group procedures to the impairment provisions resulting in a delay to the publishing of the audited accounts.
Shares have dived even further from their high of £2.20 a year ago to just 2.5p at the moment at which price I have risked a modest amount and I am now the proud owner of 10,000 shares in Cattles. For anyone crying “foul” there is no conflict of interest as it’s many years since I introduced any business to the factoring subsidiary and they are certainly off the radar as far as Factoring Solutions is concerned until their financial position becomes far, far clearer.