January 2018

  • Client : Manolete Partners Plc
  • Activity : Litigation Funding
  • Sector : Manolete Partners Plc / HSBC
  • Acquired by: HSBC - debt raise
  • Transaction Type:

What our client said

“We are very pleased to be partnering with HSBC. The £10m credit facility is a great testament to the track record of the business to date and provides us with a very strong investment platform for the future.”

Steven Cooklin / CEO of Manolete

Cavendish Corporate Finance, the specialist sell-side M&A firm, has advised the partners of Manolete Partners, the UK’s insolvency litigation funding specialists, on the completion of its most recent round of funding, securing £10m expansion capital from HSBC Bank. The additional new funds provide Manolete Partners with a £10m Revolving Credit Facility at a maximum margin of 2.75% above base rate.

The new financing facility will be used to fuel the continued rapid expansion of Manolete – which currently has 211 insolvency litigation case investments (60 ongoing) – making Manolete Partners Plc the largest litigation funding company in the Northern Hemisphere, by volume of single case investments. Manolete has recently been shortlisted by The Financial Times as one of the Top 1,000 fastest growing companies in Europe.

In the recent past, Manolete has pursued successful claims against Network Rail, Hastings Borough Council, several FTSE 350 companies, global financial institutions and international hotel groups – all on behalf of insolvent companies. Manolete also specialises 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. The largest creditor to suffer is usually HMRC. Manolete’s model uniquely aligns the funder’s interests with that of the Insolvency Practitioner and the Insolvent Company. Manolete has a 100% success record for cases that have gone to trial at Court and a 94% success record overall.

The deal adds to an already strong first quarter for Cavendish Corporate Finance in debt advisory. Recent high-profile deals include advising on the sales of leading data-driven graphics solutions for live sports broadcast, Alston Elliot to mid-market private equity firm, Inflexion Private Equity and the sale of high-end interiors lifestyle brand, OKA Direct Ltd, to Investindustrial, the Italian owner of Aston Martin.

The Cavendish team was led by Alistair Hay, Partner, Debt Advisory.

Alistair  commented:

“We are delighted to have advised Manolete Partners on this very successful round of fundraising, which highlights Cavendish’s expertise in debt advisory. Manolete Partners is one of the fastest growing companies in Europe, having recently been shortlisted as a Top 1000 Fastest Growing Companies in Europe, and this deal will help Manolete rapidly increase its investments. HSBC, one of the world’s most respected banks, is best placed to support Manolete Partners’ team in the next phase of their story.”

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