Friday 30 November 2018 9:10 am

Moulton-backed litigation funder Manolete Partners raises £29m in London float

A litigation funder backed by City veteran Jon Moulton has raised £29.4m in its London initial public offering (IPO).

Manolete Partners announced its intention to float on London’s Aim market today.

It said it had conditionally raised £16.3m before expenses from the placing of 9,285,714 new ordinary shares with £13.1m before expenses realised by selling shareholders by way of a placing of 7,480,316 existing ordinary shares.

Admission is expected to occur on 14 December with the company having a market capitalisation of £76.3m.

Prior to the float, Moulton owned 40 per cent of Manolete’s shares, chief executive Steve Cooklin held 32 per cent, co-founder Mike Faulkner owned 24 per cent with the balance of the shares held by staff.

Peel Hunt is acting as nominated adviser and broker to Manolete Partners with Stephenson Harwood acting as legal adviser.

Addleshaw Goddard is acting as legal advise to Peel Hunt.

Manolete was founded in 2009 and focuses on acquiring or funding insolvency and insolvency-related claims in the UK.

As at 30 September 2018, it had invested in 249 cases generating gross recoveries on the 173 completed cases of £27.9m.

Cooklin said: “This is an exciting time for the company. There is now a real opportunity to rapidly build on our achievements and I’m confident that our IPO will act as the catalyst for accelerated growth. We are greatly looking forward to life as a listed business and delivering on our plans.”

Last month fellow litigation funder Vannin Capital cancelled its planned London float, blaming poor market conditions.