(Alliance News) - Manolete Partners PLC on Wednesday said it is emerging soundly from the UK government's alleged "suppression of the insolvency sector" during the Covid-19 pandemic.
The London-based insolvency litigation financing firm said it is benefiting from the removal of insolvency protections the UK government set in place during the pandemic.
In the six months to September 30, non-bounce back loan case investments surged 76% to 146 from 83 a year prior. Barclays BBL case investments were 33, compared to none a year prior, while total new case investments were 179, more than doubled from 83.
Chief Executive Officer Steven Cooklin said: "As we continue to anticipate further sustained high levels of activity in the UK insolvency sector, we have added significantly to our in-house legal and net worth reporting teams with a number of high-quality new joiners."
In the first half of financial 2024, Manolete Partners completed 116 cases, up 22% from 95 cases a year prior.
Manolete Partners shares rose 13% to 151.70 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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Manolete Partn. (MANO)
Barclays (BARC)