London finance firm secures £35m HSBC funding package
London based Manolete, the UK’s leading insolvency litigation financing firm, has secured a £35m finance package from HSBC UK to support its future growth plans.
Founded in 2009, Manolete acquires and funds specialist insolvency litigation cases across the UK to help generate returns for creditors such as HMRC.
The funding includes a £25m Revolving Credit Facility with £10m uncommitted accordion and will allow the company, which currently owns and manages over 260 insolvency cases, to invest in and fund new cases over the coming months and years.
With UK Government support steadily being removed from the UK economy, more insolvencies are expected in the near future. The anticipated upturn in cases, together with HSBC UK’s funding, will ensure Manolete is well-positioned to recoup funds for a greater number of creditors across the UK.
The funding will also support the company’s recruitment efforts, including bringing on two specialist lawyers to help manage its cases.
Mark Tavener, CFO of Manolete, said: “When we entered the market over 10 years ago, our mission was to address the inefficiencies of the insolvency claims process, which typically generated little or no returns for the creditor estate.
“This is a core value of ours which we can continue to put at the forefront of our business, as we continue to scale up, thanks to the support from HSBC UK.”
Michael Wilding, HSBC UK relationship director for London West End Corporate Banking, added: “We were pleased to support Manolete, providing a significant finance package to support its future growth plans. With more capital availability, the company is able to invest in a higher volume of cases and ensure greater returns for creditor estates.
“We look forward to working closely with the business as it continues to expand and grow.”
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