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Cattles sells unit to pay-off debt
Ailing sub-prime lender Cattle has sold its invoice finance division as it attempts to cut its runaway debt-pile. The firm said that the sale of Cattles Invoice Finance, which accounted for around three per cent of its company’s loan book, will allow it to repay £65.5m in debt. Private equity group Anacap Financial Partners manages the funds for the company which acquired the unit, for £10.4m. The firm ran into trouble after failing to keep track of bad debt, which left an £850m hole in its accounts.