CPP chairman, Duncan McIntyre, steps down

Cpp offices in Holgate, York

Cpp offices in Holgate, York

First published in Business news
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YORK credit-card insurer CPP Group has announced its chairman is stepping down as the firm breaks even on operating performance.

Holgate-based CPP has turned a £3.3 million loss, recorded from underlying operating performance in continuing operations in the first six months of 2013, into a breakeven point for the same period this year.

However In its half year results to June 30, the Group, which employs 550 people in York, reported a slump in turnover to £58.7 million, compared to £99.7 million the previous year.

Loss for the period from continuing and discontinued operations was £2.7 million.

The results come as CPP nears the end of a redress scheme in which it was due to pay out an estimated £65.8 million in compensation to customers for the miss-selling of protection, which saw the company fined £10.5 million in 2012 by the Financial Conduct Authority.

The group said the scheme had "significantly reduced its financial resources and liquidity".

It said that further action is required to rebuild the business and uncertainty remains due to liquidity, the execution and delivery of the group's longer term plans and trading performance.

Brent Escott, chief executive, said: "We have continued to move forward on our journey to 'rebuild, improve, modernise and evolve' the group.

"As a result of the prudent steps that we are taking and on-going focus on costs, we have continued to stabilise the business.

"The impact of the scheme has been considerable and our priority remains to ensure that the group is in a stable position.

"We are focused on future value creation whilst evolving our longer term business plan in order for us to succeed as an effective and efficient customer-led business."

Alongside reporting its results CPP announced chairman Duncan McIntyre, who took on the role in January 2014 after joining the CPP board in 2011, will step down in the near future.

CPP said Mr McIntyre had made a significant contribution during his tenure and provided immense support.

A process has commenced to identify a new non-executive chairman for the group.

Comments (9)

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2:19pm Sat 30 Aug 14

smudge2 says...

This is what happens when you try to sell people products they do not need .No doubt all the top management and directors will have had they snout in the trough and got what they want out of the company by frightening people into believing they need a product that was virtually useless. Unfortunately looking at all the adverts and junk mail coming from the banks/credit card companies again they have not learnt their lesson. I wonder if people who bought extended warranties on electrical products that were pressure sold in the shops will be able to claim their money back in years to come ???
This is what happens when you try to sell people products they do not need .No doubt all the top management and directors will have had they snout in the trough and got what they want out of the company by frightening people into believing they need a product that was virtually useless. Unfortunately looking at all the adverts and junk mail coming from the banks/credit card companies again they have not learnt their lesson. I wonder if people who bought extended warranties on electrical products that were pressure sold in the shops will be able to claim their money back in years to come ??? smudge2
  • Score: 9

2:58pm Sat 30 Aug 14

glennw11 says...

I worked at cpp a few years ago and thought what a great company to work for. Hard work with great rewards
I worked at cpp a few years ago and thought what a great company to work for. Hard work with great rewards glennw11
  • Score: 4

4:29pm Sat 30 Aug 14

bloodaxe says...

No complaints; when I needed to call on their services they paid up without demur. Glad they've turned the corner. As to their mis-selling, that was something which afflicted the entire banking sector so hardly an egregious York-only manifestation.
No complaints; when I needed to call on their services they paid up without demur. Glad they've turned the corner. As to their mis-selling, that was something which afflicted the entire banking sector so hardly an egregious York-only manifestation. bloodaxe
  • Score: 5

6:01pm Sat 30 Aug 14

Dave Ruddock says...

Let it be a warning to other companies who try the Scare Mongering technique, you will be found out and dealt with, bet Duncan Mcintyre gets a hefty payout .
Let it be a warning to other companies who try the Scare Mongering technique, you will be found out and dealt with, bet Duncan Mcintyre gets a hefty payout . Dave Ruddock
  • Score: 3

6:41pm Sat 30 Aug 14

DaveBruebeck says...

Dave Ruddock wrote:
Let it be a warning to other companies who try the Scare Mongering technique, you will be found out and dealt with, bet Duncan Mcintyre gets a hefty payout .
Payout for what?

He resigned.
[quote][p][bold]Dave Ruddock[/bold] wrote: Let it be a warning to other companies who try the Scare Mongering technique, you will be found out and dealt with, bet Duncan Mcintyre gets a hefty payout .[/p][/quote]Payout for what? He resigned. DaveBruebeck
  • Score: 0

9:55am Sun 31 Aug 14

smudge2 says...

DaveBruebeck wrote:
Dave Ruddock wrote:
Let it be a warning to other companies who try the Scare Mongering technique, you will be found out and dealt with, bet Duncan Mcintyre gets a hefty payout .
Payout for what?

He resigned.
Severance package he means ..The UK are the only country that reward chairmen and directors with large layouts when they leave even though they have not done their job right and effectively lost the company millions of pounds...In the USA that jail their management for bad business practice but good old blighty rewards them !!
[quote][p][bold]DaveBruebeck[/bold] wrote: [quote][p][bold]Dave Ruddock[/bold] wrote: Let it be a warning to other companies who try the Scare Mongering technique, you will be found out and dealt with, bet Duncan Mcintyre gets a hefty payout .[/p][/quote]Payout for what? He resigned.[/p][/quote]Severance package he means ..The UK are the only country that reward chairmen and directors with large layouts when they leave even though they have not done their job right and effectively lost the company millions of pounds...In the USA that jail their management for bad business practice but good old blighty rewards them !! smudge2
  • Score: 2

12:39pm Sun 31 Aug 14

Dave Ruddock says...

Thanks Smudge
Severance . golden hand shake, how ever its put,
Thanks Smudge Severance . golden hand shake, how ever its put, Dave Ruddock
  • Score: 1

1:09pm Sun 31 Aug 14

DaveBruebeck says...

smudge2 wrote:
DaveBruebeck wrote:
Dave Ruddock wrote:
Let it be a warning to other companies who try the Scare Mongering technique, you will be found out and dealt with, bet Duncan Mcintyre gets a hefty payout .
Payout for what?

He resigned.
Severance package he means ..The UK are the only country that reward chairmen and directors with large layouts when they leave even though they have not done their job right and effectively lost the company millions of pounds...In the USA that jail their management for bad business practice but good old blighty rewards them !!
He's not getting a severance package.
[quote][p][bold]smudge2[/bold] wrote: [quote][p][bold]DaveBruebeck[/bold] wrote: [quote][p][bold]Dave Ruddock[/bold] wrote: Let it be a warning to other companies who try the Scare Mongering technique, you will be found out and dealt with, bet Duncan Mcintyre gets a hefty payout .[/p][/quote]Payout for what? He resigned.[/p][/quote]Severance package he means ..The UK are the only country that reward chairmen and directors with large layouts when they leave even though they have not done their job right and effectively lost the company millions of pounds...In the USA that jail their management for bad business practice but good old blighty rewards them !![/p][/quote]He's not getting a severance package. DaveBruebeck
  • Score: 3

6:50pm Mon 1 Sep 14

smudge2 says...

DaveBruebeck wrote:
smudge2 wrote:
DaveBruebeck wrote:
Dave Ruddock wrote:
Let it be a warning to other companies who try the Scare Mongering technique, you will be found out and dealt with, bet Duncan Mcintyre gets a hefty payout .
Payout for what?

He resigned.
Severance package he means ..The UK are the only country that reward chairmen and directors with large layouts when they leave even though they have not done their job right and effectively lost the company millions of pounds...In the USA that jail their management for bad business practice but good old blighty rewards them !!
He's not getting a severance package.
How naïve you really are to believe that.
[quote][p][bold]DaveBruebeck[/bold] wrote: [quote][p][bold]smudge2[/bold] wrote: [quote][p][bold]DaveBruebeck[/bold] wrote: [quote][p][bold]Dave Ruddock[/bold] wrote: Let it be a warning to other companies who try the Scare Mongering technique, you will be found out and dealt with, bet Duncan Mcintyre gets a hefty payout .[/p][/quote]Payout for what? He resigned.[/p][/quote]Severance package he means ..The UK are the only country that reward chairmen and directors with large layouts when they leave even though they have not done their job right and effectively lost the company millions of pounds...In the USA that jail their management for bad business practice but good old blighty rewards them !![/p][/quote]He's not getting a severance package.[/p][/quote]How naïve you really are to believe that. smudge2
  • Score: 0
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