CPP gets another week to secure its future
CPP has been given another lifeline after agreeing a further week’s extension with its lenders to help it explore ways to secure its future.
The struggling York-based credit card insurer had agreed a two-week extension to prevent the expiry of its finance facilities with its lenders today and now has until April 19 to continue to pursue a way forward.
It said this morning that it “continues in constructive discussions with its existing lenders and others in relation to a number of financing and strategic options”.
It added: “The board remains focused on reaching an agreed financing solution with a view to ensuring the viability of the group in the short and longer term, although there can be no certainty that such a solution will be found.”
CPP founder Hamish Ogston has already said he would be prepared to buy the business for £1.7m as an alternative to administration, which would put more than 1,500 jobs at risk.