CPP management to step down

BOTH the chief executive and chief financial officer of card and phone protection provider CPP are to step down, it was revealed today.

UK interim managing director Shaun Astley-Stone will also leave the York-based business alongside chief executive Paul Stobart and chief financial officer Shaun Parker.

They will step down once a consulation period at CPP, which is undergoing a major restructuring of its operations, has taken place.

CPP is currently repositioning its business model and looking to reduce costs.

It has sold its North Amercian business and suspended regulated retail sales in the UK and other parts of Europe.

“This proposed restructuring is essential to securing the future viability of the group and is expected to result in a reduction in the number of roles in the UK, including a number of senior management roles subsequent to a consultation period that has now commenced,” CPP said.

The group is still in discussions with its existing lenders and its major shareholder, Hamish Ogston, with a view to putting in place a funding plan for the group

“In the short to medium term, the group will continue to face significant financial challenges, particularly until the redress programme is completed,” CPP said.
 
Mr Stobart said: “I joined CPP in October 2011, tasked with bringing about the significant changes required to provide long term stability for the business and to manage the fallout from the FCA’s investigation in the UK.

“During that time, we have had to manage a great many complex and critical issues and an enormous amount of change has been achieved with a focus on enhancing our governance framework and reshaping our strategy with a clear emphasis on customer focus.

“The response from our people has been excellent and our customers have seen the benefits in a vastly improved end to end experience. Together, we have built a stronger, customer-led organisation.
 
Now, our priority is to position the business for the next phase of its development. We need to continue the work we are doing to reposition the business and, as previously communicated, reduce our costs substantially and in line with our changed circumstances.

“As part of this process it is appropriate for there to be changes to senior management and I have, along with other members of my team, given notice that I will step down from my role once we have completed the work at hand to ensure CPP is set on a firm footing for the future.”

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IP Group today revealed positive performance as it said its portfolio had increased from £181.8m to £201.9m.

The research commercialisation group’s portfolio includes a stake in University of Sheffield spin-out business Magnomatics and interests in Avacta and Xeros.

Chief executive of the group, Alan Aubrey,said: “The group has continued to make good progress to date during 2013.

“The fair value of the group’s portfolio has increased from £181.8m to £201.9m, largely as a result of a net increase in the value of the group’s holdings in quoted companies.

“During the year to date, spin-out companies have collectively raised in excess of £30m with the group participating in every fundraising, in-line with its continued commitment to maintaining or increasing its stakes in post-seed portfolio companies through subsequent financing rounds.”