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Bank Extension Granted for York Based CPP


6:32pm 17th April 2013

York based financial firm CPP's been given a six month bank extension, which it's hoped will help secure it's future.

It comes as the company's sold it's American business for £26 million.

A takeover deal by major shareholder Hamish Ogsten is being negotiated, he wants to offer a penny a share for CPP.

Paul Stobart, Chief Executive Officer, commented:

"The Board has given extensive consideration to a broad range of strategic and financing options and believes the proposed disposal of CPP North America to be in the best interests of CPP and its stakeholders. Together, the proposed disposal and amended facility are expected to assist in stabilising the business and allow the Board to engage in further discussions with our Lenders and the Group’s major shareholder with a view to securing the future viability of the Group.

“Whilst our performance continues to be affected by the on-going challenges of our operating environment, we are well advanced in implementing an extensive business transformation programme.

These significant organisational changes, combined with the on-going demand we see for our products, are expected to provide the Group with a platform to move the business forward.”

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