Please confirm that it's the EML light and not the spanner light that's coming on. Are there any fault codes? You could try the pedal trick if you have no code reader? The lambda sensors themselves also wear out and get choked.
I'd be looking to find out what's triggering the EML before I started replacing expensive cats and sensors. For a start which side is it?
Check the date of 1st registration. If it's the 1st March 2001 or later then strictly speaking it's illegal to sell for, fit to or use a cat on the car that's not R103 type approved.
That said, type approved cats should be better quality than the non approved versions. They should have more platinum, iridium, palladium. The cat is supposed to be manufactured such that it performs at least as well and lasts as long as a factory original.