London-based Manolete, the UK’s leading insolvency litigation finance company, has secured £ 35million in funding from HSBC UK to support its future growth plans.
Founded in 2009, Manolete acquires and finances specialist insolvency litigation across the UK to help generate returns for creditors such as HMRC.
The financing includes a £ 25million revolving credit facility with an uncommitted £ 10million accordion and will allow the company, which currently owns and manages more than 260 insolvency cases, to invest and finance new cases in the months and years to come.
With UK government support being phased out of the UK economy, further bankruptcies are expected in the near future. The expected upturn in business, along with funding from HSBC UK, will allow Manolete to be well positioned to collect funds for more creditors across the UK.
The funding will also support the company’s recruitment efforts, in particular by bringing in two specialist lawyers to help it manage its cases.
Mark Tavener, CFO of Manolete, said: “When we entered the market over 10 years ago, our mission was to address inefficiencies in the insolvency claims process, which typically generated little or no return. for the mass of creditors.
“This is one of our core values that we can continue to put at the forefront of our business, as we continue to grow, thanks to the support of HSBC UK. “
Michael Wilding, HSBC UK Relations Director for London West End Corporate Banking, added: “We have been delighted to support Manolete, providing significant funding to support its future growth plans. With greater availability of capital, the company is able to invest in a greater number of cases and ensure better returns for estates of creditors.
“We look forward to working closely with the company as it continues to develop and grow. “
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