CPP at risk of administration

Tue, 26 Mar 2013 | ADMINISTRATION

Credit card insurer CPP is under pressure this week to meet its looming deadline to secure funds of more than £40 million to prevent a move into administration.

Its current £80 million facility with its lenders RBS, Barclays and Santander runs out on Sunday 31 March. The troubled firm was also hit by a £10.5 million fine by the Financial Services Authority last November for mis-selling its policies over a six-year period across the UK.

The total bill likely to be due will be at least £33.4 million; this includes compensation of about £14.5 million to customers.

The York-based business has a 1,400-strong workforce based in 15 countries across the globe, including 900 staff in Britain.

It came to light over the weekend, however, that the firm has failed to come to an agreement with its lenders and is now looking for new sources of backing. Financing options that CPP has pursued include asset sales and a new injection of funds from its founder and controlling shareholder Hamish Ogston, who could possibly take the firm private.

Mr Ogston founded CPP in 1980 with just £1,000, and now has a near 90 per cent holding in the business.

____________________________________________________________________________
Related articles:
Fyshe Horton Finney enters administration
Paypal rival Skrill is being prepared for a sale


Share this article



Latest Businesses for Sale

Italian Restaurant/Pizzeria
London, UK

A restaurant has operated on this very prominent, high street corner location for many years and was purchased late in 2016 by the vendor with the intention of adding a retail business to it commercial business. The vendor then invested circa £70,000...

Asking Price: £200,000
Turnover: £550,000

LEASEHOLD


Industrial Textile Services
UK Wide

Serves clients in the automotive, industrial, medical and geotextile sectors. Operates from 16,000 sq ft leasehold premises. Sustains and generates consistent revenue without the need for marketing expenditure. Retirement sale. Offers invited.

Asking Price: Offers Invited
Turnover: £382,000

LEASEHOLD


Confectionery, Nuts & Snacks Re-packer & Distributor
UK Wide

Provides a comprehensive delivery service, with a directly employed fleet of delivery drivers. Highly experienced management team in place, capable of managing day-to-day operations, post-sale. Significant scope for growth with geographic expansion a...

Asking Price: Offers Invited
Turnover: £6,650,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
25
 
Feb
 

Property management platform faces administration | ADMINISTRATION

The parent company of UK property management startup Hostmak...

 
24
 
Feb
 

Clugston Group former headquarters up for sale | COMMERCIAL PROPERTY

St Vincent House in Scunthorpe, which was the headquarters o...

 
21
 
Feb
 

Street food catering firm seeks buyer after entering administration | ADMINISTRATION

Shrewsbury-based catering company MPM Catering has entered a...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
23
 
May
 

Fintech company Loot collapses into administration | ADMINISTRATION

After failing to secure further backing from the Royal Bank ...

 
11
 
Dec
 

Concrete company acquired in impressive deal | BUSINESS SALE

A Wrexham-based concrete products and quarrying company is s...

 
07
 
Mar
 

MBO completed at Nottingham IT supplier | MBO/MBI

A Nottingham-based firm that provides IT solutions to a rang...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources