Manolete Partners Sees Surge in New Case Investments
Shares Rise as Number of Investments Doubles in the First Half of the Year
Manolete Partners, a leading insolvency litigation financing company, has reported a significant increase in new case investments for the first half of the year. This surge reflects the rise in U.K. insolvencies during the post-pandemic period.
As of 0720 GMT, Manolete shares were up by 10% at 147.5 pence, a notable increase of 13.5 pence.
The company disclosed that the number of new case investments for the six-month period ending on September 30 has more than doubled from 83 to 179. This demonstrates a positive trend in the market and showcases Manolete's ability to identify valuable investment opportunities.
Although Manolete expects to report a slightly lower first-half profit compared to the previous year, these results are primarily due to reduced average case sizes and investments in expanding their team and business development activities.
The British Business Bank has approved Barclays' request to extend the scale of the Barclays Bounce Back Loan Recovery Pilot program after witnessing Manolete's impressive results with initial cases. Additionally, Manolete has received confirmation that another prominent bank will soon launch their own bounce back loan recovery program in partnership with Manolete.
In response to the thriving insolvency sector in the U.K., Manolete has made significant additions to its in-house Legal and Net Worth Reporting teams. These strategic hires further solidify Manolete's position as a leader in the industry.
Chief Executive Steven Cooklin expressed confidence in the continued high levels of activity in the U.K. insolvency sector and emphasized their commitment to delivering exceptional service to their clients.
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