Strategic Relationship with Manolete

RNS Number : 3091K

Burford Capital

29 July 2013

 



29 July 2013

BURFORD ANNOUNCES STRATEGIC RELATIONSHIP WITH MANOLETE

Burford Capital Limited ("Burford"), the world's largest provider of investment capital and risk solutions for litigation, announces a strategic relationship with Manolete Partners PLC ("Manolete"), the UK's leading insolvency litigation financier backed by Jon Moulton.

Burford will make a small investment in Manolete to become a 16% shareholder, matching Moulton's ownership interest. Under the arrangement, Burford will provide co-funding of up to £10 million for Manolete's insolvency litigation investments. Manolete is also backed by Punter Southall's P-Solve business, one of the UK's leading investment advisors.

Please see below for the joint press release issued today, which can also be accessed via the Burford Capital website www.burfordcapital.com

MANOLETE PARTNERS AND BURFORD CAPITAL FORM STRATEGIC RELATIONSHIP

Jon Moulton and Punter Southall-backed insolvency financier seeing strong growth 

Burford becomes shareholder in and capital provider to Manolete

Manolete Partners PLC ("Manolete"), the UK's leading insolvency litigation financier, and Burford Capital Limited ("Burford"), the world's largest provider of investment capital and risk solutions for litigation, today announced a strategic relationship that will enable Manolete to continue its strong growth as a leader in the UK insolvency litigation market and increase Burford's exposure to this specialty business.

Under the arrangement, Burford will become a 16% shareholder in Manolete and will provide co-funding for Manolete's insolvency litigation investments. Both Manolete and Burford are seeing strong growth in the insolvency market and Burford has initially earmarked up to £10 million for its co-funding of Manolete's investments.

Manolete was founded in 2009 and has enjoyed growth of more than 100% each year since its formation.  Manolete is backed by Jon Moulton, one of the UK's leading private equity investors, and Punter Southall's P-Solve business, one of the UK's leading investment advisors.

Steven Cooklin, Manolete's founder and Managing Director, said:  "When I founded Manolete in 2009, after a successful corporate finance career at HSBC, I was intrigued with the unique opportunity to apply capital to the UK insolvency litigation market.  Manolete has succeeded beyond my expectations, and Burford's capital and strategic collaboration will enable us to take Manolete far beyond the next level."

Christopher Bogart, Burford's Chief Executive, said:  "The UK insolvency litigation market is a unique environment.  It is not yet subject to the Jackson reforms and it permits the direct purchase of claims.  Manolete has done a superb job of developing this market and we look forward to working with Steven and his team to continue Manolete's high growth strategy."

Jon Moulton commented:  "Manolete has been very successful since I invested.  This transaction with Burford, the litigation finance market leader, reaffirms my enthusiasm for Manolete.  I look forward to working closely with Steven and Chris and their teams."

About Manolete:

Manolete is the UK's leading insolvency litigation financier. Manolete buys claims direct from insolvent companies and funds individual insolvency practitioners to pursue claims in their own name. Manolete operates across the entire UK insolvency industry where clients range from the large advisory groups including PwC, Deloittes, BDO, Grant Thornton, Begbies Traynor and RSM Tenon through to smaller regional firms and boutique operators such as Wilson Field, Moorfields, Leonard Curtis and Carter Clark.

For more information about Manolete, visit www.manolete-partners.com

About Burford:

Burford Capital is the world's largest provider of investment capital and risk solutions for litigation with more than $300 million in capital and the largest and most experienced dedicated team in the industry. Burford is publicly traded on the London Stock Exchange's AIM market under the ticker symbol BUR.  Burford provides a broad range of corporate finance and insurance solutions to lawyers and clients engaged in significant litigation and arbitration around the world.

For more information about Burford, visit www.burfordcapital.com

For further information:

Manolete

Steven Cooklin                                 Tel: +(44) 1494 618520                    [e-mail]

Managing Director

Manolete Partners PLC

Burford press inquiries via FTI Consulting

Edward Berry                                     Tel: +(44) 20 7269 7297                   [e-mail]

Laura Ewart                                        Tel: +(44) 20 7269 7243                   [e-mail]               

 

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