New FD at Cattles
Cattles, the beleagured financial services group and owner of Welcome Finance has appointed Paul Felton-Smith as finance director following the resignation of James Drummond Smith.
Felton Smith has worked in the financial services sector for over 25 years and will join Cattles on 7 June, subject to the approval of the Financial Services Authority. His most recent role was as chief financial officer of Lupus Capital, and prior to this he served as chief financial officer of Metronet Rail. During 2006/07 he acted as finance director of Yes Car Credit during the run-off of its loan book.
Drummond Smith was appointed as interim finance director back in April 09 to help with the preparation and publication the 2008 annual report and financial statements. He will leave Cattles after it’s forthcoming annual general meeting on 29 June.
Cattles recently announced it was in discussions with creditors over a possible buy-out of the firm, which would involve creditors using £5m of the money that is already owed to them to pay off shareholders of the company.