CPP to float on stock exchange

The York-based company, which offers protection against losing wallets, mobile phones, keys and cards as well as identity theft, said it has 10 million policies with an average revenue per policy of 29.21 in 2009.

"A listing will help to raise the profile of the group, incentivise employees and provide CPP with the right structure to continue its strong growth," Eric Woolley, CPP's chief executive said.

Founder and owner Hamish Ogston launched the group 30 years ago. CPP employs more than 1,000 staff in York and 2,000 worldwide.

It added that net proceeds from the flotation will also be used to pay down part of the group's existing net debt, which stood at 48.8 million pounds ($76.25 million) at the end of December.

The company has appointed UBS Investment Bank and J.P. Morgan Caznove as join co-ordinators and joint bookrunners.

Late last year the group agreed to buy the UK operation of MKM Group, which specialises in travel and loyalty cards, for up to 4.66m.