Cattles raises £82m for acquisition
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Cattles, a company which specialises in door-to-door loans, yesterday announced it had raised £82.8m through a share placing to fund its break into the quality end of the consumer finance market.
It paid £56.5m for a portfolio of car loans from Associates Capital, part of the US bank Citigroup, adding 13,000 customers. Sean Mahon, Cattles' chief executive, said the customers were "near prime", including people who have bank accounts but are not always allowed to take out additional loans or credit cards with their banks.
Cattles would not try to sell extra loans at this point to these customers in case they took on too much debt. Mr Mahon said he hoped the group would "build up a relationship" with these borrowers, so that they might take out loans in the future with the company.
It has also bought Dial4aloan, a broker, for £15.5m. Mr Mahon said Dial4aloan would introduce expertise in attracting business through television and newspaper advertising.
Cattles funded both acquisitions by selling 27.6 million new shares at 300p via an underwritten placing through HSBC.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments