CPP Group hails “defining stage” in its journey days after Leeds office closure announcement
Assistance and insurance products provider CPP Group said it has gone through a “defining stage” in its journey, just days after the firm announced that it would close its Leeds office.
The Leeds closure, announced on Friday, comes as part of a broader cost reduction programme for the firm. No further details about the timeline or potential job losses due to the move have been announced.
It also comes as CPP continues to shed its legacy businesses, including CPP Turkey, which it sold in June for £6.1m, and CPP India, which it sold last month for £14.4m.
The firm’s latest comments came as it announced its results for the six months ending 30 June, in which it posted a pre-tax loss of £3.5m, an improvement from £4.5m last year.
In a statement issued alongside the firm’s results, Simon Pyper, CEO of CPP Group, said: "The first half of 2025 has been a defining stage in CPP's journey.
“With the disposal of our remaining legacy assistance businesses and the completion of the Change Management Programme, the group has largely transformed into the focused InsurTech business that was the objective set three years ago.”
CPP also announced last week that it was undertaking a restructure of its senior leadership team, including the departure of group CFO David Bowling and group COO Eleanor Sykes, as well as other reductions to central function headcount.
Mr Pyper also announced that he would be stepping down from his position as group CEO, and that he would take on reduced responsibilities at a lower cost for the management of the firm’s legacy businesses.
CPP also posted revenue of £0.9m in its latest results, down from £1.4m the year prior.
The firm said it was now focused solely on scaling its InsurTech platform, Blink.
Mr Pyper added: “Following this strategic transformation, Blink is well positioned to capture the significant growth opportunities in our two core markets of travel disruption and consumer cyber-security. With strong recurring revenues, a growing pipeline of opportunities, and a new CEO in place, we remain confident in Blink's ability to deliver sustainable growth and shareholder value.”