Catz Club: a clarification

In an article on 9 December 2008 headed "Futurebuilders to review secrecy guidance", we referred to Catz Club as being "one of five loan defaulters" in respect of monies received from Futurebuilders. Catz Club had borrowed £1.3m and earlier paid back £282,740 in capital and interest. Third Sector is happy to make it clear that the article was referring to the agreement between Futurebuilders and Catz Club by which the former agreed to accept an immediate lump-sum payment of £450,000 by way of repayment in place of an 11-year repayment schedule. We accept that Catz Club did not default on its loan obligations to Futurebuilders and we apologise for any confusion. A corrected version of the article appears here.

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