Bloomberg News

CPP Lenders Won’t Renew Borrowing Facilities, Sunday Times Says

February 26, 2012

CPP Group Plc’s (CPP) lenders won’t renew borrowing facilities that expire in March 2013, the Sunday Times reported without saying where it got the information.

CPP Group, a U.K. company that provides protection against credit-card and identity theft, said it reached an agreement Feb. 24 with the Financial Services Authority on allegations of mis-selling, according to the article.

Paul Stobart, the company’s chief executive officer is trying to agree new loans before its financial results are due next month, the newspaper reported. Royal Bank of Scotland Plc, Barclays Plc (BARC) and Banco Santander SA provided the borrowing facilities expiring next year, according to the report.

CPP remains in talks with stakeholders including banks about the impact the FSA investigation will have on its business, the company said in a Feb. 24 statement sent by e- mail. Helen Spivey, a spokeswoman in York, England, for CPP Group didn’t have any immediate further comment when contacted by phone today.

To contact the reporter on this story: Catherine Airlie in London at cairlie@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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