London finance firm secures £35m HSBC funding package

Listed litigation funder Manolete has secured a £35m finance package from HSBC UK to support its future growth plans. The funding includes a £25m revolving credit facility with a £10m uncommitted accordion that will allow the company to invest in and fund new cases over the coming months and years. Manolete currently owns and manages over 260 insolvency cases. Read more.

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Manolete announces financial results

UK-based insolvency litigation funder Manolete Partners has reported that revenue and pre-tax profit in its most recent fiscal year have dropped £7.3m and £2.5m respectively from prior year. Government restrictions on the insolvency industry and widespread government support led to significantly fewer insolvencies in the market and therefore fewer cases for Manolete to sign. CEO Steven Cooklin remains optimistic though, noting that new case enquiries have been rising at an increasingly faster pace in recent months. Cumulatively, the company has reported a 132% average IRR and a 2.5x average money multiple on all the cases it has invested in since 2010.

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Manolete expected to miss profit target

UK-based insolvency litigation funder Manolete Partners has warned that its EBIT for the year ended 31 March 2022 will come in below market expectations. It attributes this to challenging trading conditions caused mainly by the UK Government’s temporary restrictions on insolvencies. Company CEO Steven Cooklin remains optimistic, however, noting that the company is in good shape going into the new financial year. “While the EBIT for the FY22 financial year is below market expectations, the external factors driving this are now at an end, and there is expected to be an insolvency ‘catch up’ effect over the next 12 months and beyond which will provide Manolete with significantly increased opportunities to take on strong cases for the benefit of its shareholders and the business and creditor communities. New case enquiries have rebounded sharply upwards in the last 4 weeks as IPs and lawyers returned to more normal working conditions following the challenges of Omicron.”

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