Monday, July 15, 2024

CPP Group disposes of legacy operations in Italy

CPP Group, a Leeds-based provider of real-time, digitally delivered assistance products to insurance and financial services’ clients, has disposed of its legacy operations in Italy through the sale of its wholly owned subsidiary, CPP Italia Srl (CPP Italy) to IGS EMEA SL for a cash consideration of €0.5 million.

CPP Italy is said to be non-core to the Group following the announcement of a revised strategy to withdraw from its legacy operations and to transform the Group to a digitally focused parametric business led by Blink Parametric and supported by CPP India and CPP Turkey.

For the 2023 Financial Year, CPP Italy contributed EBITDA of £0.2 million to the Group’s overall EBITDA of £4.8 million and recorded a profit before tax of £0.1 million. As at 31 December 2023, CPP Italy had net assets of £0.1 million.

The disposal marks the final step in the Group’s withdrawal plans from its legacy operations, with Spain and Portugal closed, Italy and Mexico sold, and the UK in active run-off.

Simon Pyper, Group CEO, said: “The disposal of CPP Italy is consistent with our stated strategy and is another positive step as we simplify the Group and transform to a digitally led parametric business.”

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