Credit card and mobile phone insurer valued at £450m
York-based credit card and mobile phone insurer CPP Group (Card Protection Plan) is planning a stock market flotation to value the firm at £450m, the FT reports.
CPP runs schemes for clients such as T-Mobile and HSBC. Hamish Ogston, who founded the business three decades ago owns 91% stake. Other staff hold the remaining shares.
CPP has 10.5 million policies, offers "life assistance" protection against stolen wallets or identity theft.
40% for sale
The Times said it is thought he will sell about 40% of the business.
The business is best known for its card protection service, which cancels and reissues lost or stolen credit and debit cards, replaces handbags and even advances emergency cash, all for about £30 a year.
The deal would pay off debt and allow expansion overseas.
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