Sept. 2 (Bloomberg) -- Cattles Plc, the U.K. subprime lender that had its shares suspended from trading in April, plans to close 30 retail branches and cut as many as 510 jobs to reduce costs.

The branches will shut down where their residential leases “have expired or are due to expire” and the employees will receive notice of possible redundancy today, the Batley, England-based company said in a statement today.

Cattles, closed to new lending, is selling assets and winding down units after recording an extra 700 million pounds of provisions following accounting irregularities related to not writing down enough bad debts. The lender is in talks with a group of banks led by Royal Bank of Scotland Group Plc over how to pay off 635 million pounds of debt.

“The proposed measures better align the network with reduced levels of lending and will deliver efficiencies in line with Cattles’ commitment to manage the business through cost- efficient operations,” the company said in the statement.

Cattles announced in January it planned to cut 1,000 jobs, or 20 percent of its workforce then, to reduce costs and weather the recession.

To contact the reporter on this story: Kevin Crowley in London at kcrowley1@bloomberg.net

Last Updated: September 2, 2009 02:28 EDT