CPP looks ahead with ‘renewed confidence’ as it moves to AIM

INSURER CPP said its move from the main stock market to AIM will provide the company with a “springboard for future growth”.

The York-based insurer is in the process of recovering from the mis-selling saga in which it was fined £10.5m by the Financial Conduct Authority in 2012 and paid out £65.8m in compensation to customers.

In November, it said it was reviewing its status on the London Stock Exchange.

Its shares have now moved from the main market and started trading on the Alternative Investment Market yesterday.

Chief executive Brent Escott, who joined CPP 16 months ago, has been leading on a restructure, designed to stabilise the business and lay the platform for long-term security.

He said: “We have made significant progress over the last year to stabilise the group and continue to improve the operational environment, strengthen the group’s governance, reduce the group’s cost base and identify new growth opportunities.

“With the support of our shareholders and business partners, the move to AIM provides a springboard for future growth and enables the group to look forward with renewed confidence.”

CPP’s share price opened yesterday at +0.26p at 4.63p before closing at 4.25p.