THE founder of a credit card insurance firm has launched a rescue bid that could safeguard hundreds of jobs in the region.

Entrepreneur Hamish Ogston, the majority shareholder in York-based CPP, has made an offer to take over the firm that has been hit by the loss of two big contracts. Earlier this week, it was reported that the company was seeking to raise more than £40m to avoid sliding into administration and putting 1,500 jobs at risk, including about 900 in York.

Mr Ogston owns almost 60 per cent of the business.

CPP said in a statement: "The board of CPP confirms that it has received an initial, preliminary approach from CPP's majority shareholder, Mr Hamish Macgregor Ogston CBE, at an indicative price of 1p per ordinary share, which may or may not lead to an offer being made for the Group.

"It should be noted that the approach is at an early stage and there can be no certainty that an offer will be made or as to the terms of any such offer, should one be forthcoming."
Mr Ogston, who launched CPP in 1980, has been given a deadline of 5pm on April 24 to make a firm offer for the business.