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.

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."

UK-based Manolete Partners (MANO) has appointed the former PwC Director, Annie Devoy, as an independent Director and Chair of the Audit Committee since Jan. 5, 2022. The insolvency litigation financing company also says Lee Manning, who has been an independent Non-Executive Director and Chair of Manolete’s Audit Committee since November 2018, is stepping down from the Board from the same date.

Bristol-based insolvency litigation specialist Charlotte May has been appointed as the chair of insolvency and restructuring trade body R3 in Wales. Charlotte, who is Associate Director for South West and Wales at Manolete, a UK-based insolvency litigation funder, takes over as chair from Philip Winterbourne, Partner at Temple Bright solicitors.

Manolete (AIM: MANO), the UK-listed insolvency litigation financing company, has appointed Lord Howard Leigh of Hurley, a chartered accountant and senior partner at Cavendish Corporate Finance LLP, as its new chairman. Lord Leigh will take take over from Peter Bertram, who has held the position since November 2018.

Insolvency litigation funder Manolete Partners has released its full year results for the year ended 31 March 2021. Despite government measures that suppressed the number of insolvencies, the company made a record 198 new case investments in the year and a further record 135 case completions. Manolete reported an average Money Multiple of 2.7x and ROI of 168% on 388 completed cases since inception.