CPP Group grounds Airport Angel in restructure
CPP GROUP is to stop providing airport lounge access services as it continues to restructure its operations.
It does not expect that the end of the service, which is marketed under its Airport Angel brand, will have a “material impact” on the group’s profitability, either this year or in future years.
Stephen Callaghan, interim chief executive, said: “The decision to cease providing airport lounge access services is a further step forward towards CPP becoming a more focused, sustainable and profitable business.”
The York-based group, which sells assistance products to customers through business partners and direct to consumers, has had a tumultuous few years that have threatened its existence.
Last year the group closed two UK offices and four overseas offices, removed its chief executive, found £20m of cost savings and raised £20m in equity funding. It also reduced its pre-tax losses from £43.2m to £7.7m.
CPP Group is still trying to recover after it was badly affected by the mis-selling saga, when it was fined £10.5m by the Financial Conduct Authority in 2012 and paid out £65.8m in compensation to customers.
