YORK credit card insurer CPP has been named Turnaround of the Year in recognition of work to overcome fines and redress related to a mis-selling scandal.

The Holgate-based firm won the title after being nominated by KPMG for the Institute for Turnaround Awards.

The award, previously given to Thomas Cook in 2013, recognised how CPP had turned around after being fined £10.5 million by the Financial Conduct Authority in 2012 and paying out £65.8 million in compensation to customers over a mis-selling scandal.

This year has seen the firm secure new equity funding of £20 million in February and a refinancing of the Group’s debts.

CPP then returned to profitability in 2015 reporting underlying operating profit of more than £2 million for the half year.

Chief executive "The staff, our colleagues, have been the most important in this award, they have been on a journey in the last few years which has been an arduous one.

"We are just starting again this year. When we get an external award like this it is a real win. The Institute for Turnaround is probably one of the most respected institutes across Europe.

"We talk about crawl, walk, run, and we will be finishing our crawling phase at the end of year, position ourself for future development."

The judges said they were unanimous in reaching their decision, and talked about a strong moral compass and innovative drive at CPP.