Cattles has “temporarily” suspending lending to new customers in Welcome Finance with immediate effect.
Welcome Finance will continue to offer renewal products to existing customers.
The board said the move was made in order to preserve liquidity in the business.
The management has also appointed Deloitte to assist management in the review of Cattles’ impairment provisions which was announced last week.
James Corr, Cattles’ finance director, who was due to retire at the end of February, will remain in his role until the current review is completed.
Accordingly, Robert East’s planned appointment to the Board, as finance director, has been deferred until further notice.