Manolete Partners PLC, a UK Insolvency litigation funding specialist, completed a £10m expansion financing.
The additional new funds – which came from HSBC Bank – provide the company with a £10m Revolving Credit Facility at a maximum margin of 2.75% above base rate.
The new facility will be used to accelerate the continued rapid expansion of Manolete – which currently has 211 insolvency litigation case investments (60 ongoing).
Established in 2009 and led by Steven Cooklin, CEO, Manolete Partners is a specialist insolvency litigation funding company which buys and funds claims from insolvent companies. It pays for all the costs of the claims, takes on all the risk of the case being lost and returns the majority of the resultant proceeds to the creditors of the insolvent companies.
In the recent past, Manolete has pursued claims against Network Rail, Hastings Borough Council, several FTSE 350 companies, global financial institutions and international hotel groups – all on behalf of insolvent companies.
The company also specializes in claims against delinquent directors of UK companies, who have illegally removed assets from their companies to the detriment of creditors, often leaving no assets whatsoever in the insolvent companies.