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CPP goes for growth after £130m financing
YORK-based CPP Group today revealed it had secured £130m financing to boost its expansion across Europe, Asia and North America.
CPP, which specialises in providing credit card protection, identity theft protection and mobile phone insurance, said it was still delivering impressive growth despite the credit crunch.
The senior debt package was structured locally by Barclays, Lloyds TSB Corporate Markets, HSBC, Royal Bank of Scotland and Allied Irish Bank.
The five-year deal will provide CPP with working capital facilities to develop the business and enable the return of funds to shareholders. Last year UK revenues were up 16.7 per cent to 136m, while globally the group turned over 225.2m, a rise of 14 per cent on the previous year.
CPP, which employs 1,000 staff in York, has 10.6m customers and works with 280 business partners across 12 countries. It recently announced the opening of its third UK-based contact centre in Chesterfield after York and Tamworth, Staffordshire.
The Chesterfield base is due to open in July and create 300 jobs by the end of the year.
Shaun Parker, group finance director at CPP, said: "Despite difficult lending markets, this new debt package is testament to the quality and strength of our business. The CPP Group is performing very well and we have delivered double-digit growth in revenue and profit for the last few years."
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Wednesday 23 May 2012
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