HAMISH Ogston, founder of York employer CPP, has been given an extension to decide whether he will make an offer to buy back the struggling insurance business.
CPP applied to the Takeover Panel to extend the previous deadline of today to enable the entrepreneur to take stock of the company's changing situation.
CPP recently announced further restructuring, involving the loss of 120 jobs, including its chief executive, finance director and UK managing director, following a damaging investigation by the Financial Services Authority, now known as the Financial Conduct Authority, into the mis-selling of its card protection and identity protection products.
The deadline has been extended until August 30 at 5pm.
Mr Ogston said any offer was dependent on completing due diligence on the group, securing new credit arrangements with its lenders for a three-year term, as well as ring-fencing certain parts of the group as part of enhanced contingency planning.
The company said there was no binding commitment and it was not certain that Mr Ogston would satisfy his requirements.
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