Cattles, the troubled UK subprime lender, on Monday abandoned plans to gain a deposit-taking licence as it became clear that its application to the FSA watchdog would be unsuccessful. The shares, already weakened by the group’s difficulties, fell nearly 38% to 11½p in early trading. The lender, which targets borrowers rejected by high street banks, said it would focus its efforts on renegotiating its £635m of bank facilities which fall due in the summer and insisted it continued to trade profitably amid strong demand for its loans.

This entry was posted by Gwen Robinson on Tuesday, January 27th, 2009 at 5:31 and is filed under Capital markets. Tagged with cattles. Edit this entry.