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Howard and Byrne Solicitors, York - Criminal Defence Specialists

Hundred of Jobs Saved at York's CPP After New Finance Deal

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7:40am 1st August 2013

Hundreds of jobs in York have been saved in a new finance deal for CPP.

Banks have agreed to lend the financial firm £13 million for the next three years.

It brings to total finance package for the embattled firm to £36 million.

Bosses Paul Stobart and Shaun Parker will now leave the company.

Charles Gregson, Chairman, commented:

“Securing new financing arrangements supported by our Business Partners and existing lenders
represents an important milestone for the Group, providing the business with a much improved and
more stable platform from which to move forward. There remains much work to do reflecting the on-
going challenges and uncertainties of the Group’s operating environment. We are pleased, nonetheless,
with the progress that we are making towards finalising the approach to the redress exercise for those
customers who may have been affected by the historical issues in the UK business.

“Following the successful completion of longer termfinancing, Paul Stobart and Shaun Parker have
given notice that they will be leaving the business once an orderly handover is complete. On behalf of
the Board and the Company I would like to thank Paul and Shaun for their valued leadership and
contribution. During a period of intense challenge they have led the team and built a stronger, custom
er-led organisation, whilst reshaping our strategy and enhancing governance and controls. Their
achievements have undoubtedly changed CPP very much for the better and stabilised the business for
the next phase of its development. I wish them both every success for the future.”

 

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