Ogston given CPP offer extension

CPP’S majority shareholder Hamish Ogston has been given more time to make a firm offer for the business.

Mr Ogston now has until 5pm on May 31 to determine whether he wants to make an offer for the company or not.

York-based CPP’s founder recently said he wanted to take the troubled credit card insurer private under a proposal that would value the company at £1.7m.

And last week he conditionally agreed to participate in a refinance of the company along with CPP’s lenders. The refinancing includes the disposal of CPP’s North American division to AMT Warranty Corp for £26.1m.

Mr Ogston launched CPP in 1980 and the company is now listed on the Stock Market and employs almost 2,000 staff.

However, the company was hit by a £10.5m fine by the Financial Services Authority last year for mis-selling policies. The total bill is set to reach more than £33m.