YORK credit card insurer CPP has revealed plans to consolidate its business in York with the closure of two offices as well as possible job cuts in the city.

The Holgate-based firm is in consultations with staff after announcing proposals to close its offices in Manchester and Tamworth, while also placing a number of roles at risk in its York headquarters.

The move comes as CPP works to resize and rebuild its business as it recovers from a record-breaking £10.5 million fine from the FCA for miss-selling policies, and subsequently paying out £68 million in compensation and associated costs.

The company, which employs 550 people in York, said it cannot confirm at this time how many jobs will be affected, but issued a statement saying: “CPP is on a journey to rebuild its business after the challenges of recent years and those which remain ahead and we have had to make some very difficult decisions on costs.

“The actions that we are proposing bear no reflection on the excellent job that our people have done and we are ensuring those affected receive our full support during this time.”

Announcing CPP’s half year results last month, which came in at a £2.7 million loss, the business’s chief executive Brent Escott said the firm was “considering the most appropriate options to strengthen our reduced cash position in order to stabilise the business as we rebuild for the future”.