REG - CPPGroup PLC - Central functions reorganisation & cost reductions

CPPGroupAnnouncement

25/09/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250925:nRSY7928Aa&default-theme=true

RNS Number : 7928A  CPPGroup PLC  25 September 2025

25 September 2025

 

 

CPPGroup Plc

("CPP Group"; "the Group"; or "the Company")

 

Reorganisation of central functions and cost reductions

 

In advance of announcing interim results on 29 September, CPP Group (AIM: CPP)
announces a reorganisation of its leadership  team and a set of cost
reduction measures designed to streamline the Group and align overheads with
the Group's new size and focus. This announcement follows the completion of
the Change Management Programme (CMP) and the disposals of CPP Turkey and CPP
India.

 

Summary

 

1.   Board and senior leadership changes introduced to reflect the Group's
new business model, strategy, and operational priorities.

 

2.   CEO transition: Simon Pyper will step down as Chief Executive Officer
and will assume the role of Chief Financial Officer & Managing Director of
Legacy Operations. He is expected to leave the Group during 2026.

 

3.   Planned departures: David Bowling (Chief Financial Officer) and Eleanor
Sykes (Chief Operating Officer) will step down from the Board and their
executive roles but will continue, in a non-executive capacity, with UK
regulatory approved responsibilities for Homecare Insurance Limited
("Homecare"), the Group's captive run-off insurance business. They will
oversee its operations and orderly closure.

 

4.   Significant cost reductions, including lower Board costs, the closure
of the Leeds office, and other identified central savings.

 

5.   Brian Barter has been appointed CEO of Blink and will join the Group
Board pending completion of customary due diligence by the Group's nominated
adviser.

 

Leadership and Board changes

Chief Executive Officer: Simon Pyper will step down as Group CEO with effect
from 30 September 2025 and will become Chief Financial Officer & Managing
Director of Legacy Operations. In this new role, Simon will focus on financial
discipline, cash management and the orderly run-off and optimisation of legacy
activities.

 

Chief Financial Officer: David Bowling will step down from the Board and leave
the Company on 30 September 2025 following an orderly handover but will remain
as a non-executive director of Homecare with oversight responsibilities for
its run-off operations and orderly closure.

 

Chief Operating Officer: Eleanor Sykes will step down as COO and leave the
Company on 30 September 2025 but will also remain as a non-executive director
of Homecare with oversight responsibilities for its run-off operations and
orderly closure.

The various actions taken by the Group in recent years is expected to see
central costs(1) come down from £10.1 million in FY2023 to a run rate in the
region of £2.5 million per year, subsequent to the most recent round of cost
cutting.

(1) Central costs stated before appropriate recharges to business units.

David Morrison, Chairman, commented:

"This reorganisation simplifies and streamlines the Group's senior management
structure, reducing aggregate central cost whilst focusing on the requirements
of Blink and the management of the legacy operations.

 

On behalf of the Board, I would like to thank Simon, David and Eleanor for
their outstanding service and contribution to the Company. Simon took over as
CEO early in 2022 and has been responsible for instigating and executing the
strategy that has led to the exit from the legacy holdings in Turkey and India
and refocusing the Group on Blink. David played a critical role in the
financial management of the Group in the same period and for executing the
Group's legacy disposals, including those most recently in Turkey and India,
and Eleanor has made a noteworthy contribution to the operational
effectiveness of all aspects of the Group.

 

In the period in which they have been in their respective roles, the Group has
been transformed in terms of strategic clarity and objectives and operational
discipline, and I am pleased that each of them will continue, in different
capacities, to be involved with the Group for a while to come.

 

On a personal note, I would like to record my thanks to each of them for the
role that they have played and to wish them every success in the future."

 

This announcement contains inside information. The person responsible for
arranging the release of this announcement on behalf of CPP Group is Sarah
Atherton, General Counsel and Company Secretary.

 

Enquiries:

CPPGroup plc

Simon Pyper, Chief Executive Officer                via Alma
Strategic Communications

David Bowling, Chief Financial Officer

 

Panmure Liberum

(Nominated Adviser and Sole Broker)                 Tel: +44
(0)20 3100 2000

Stephen Jones

Atholl Tweedie

Will King

 

Alma Strategic Communications
            CPP@almastrategic.com

Josh
Royston
Tel: +44 (0)20 3405 0205

Andrew Jaques

David Ison

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAPKPBDABKKDCB