Corporate bankruptcy claims finance specialist Manolete Partners PLC is to list on AIM with a value of £76.3mln.
Some £16.3mln of new money is being raised for the company, while existing owners are selling £13.1mln of their equity.
Total case ROI exceeds 200%
Set up in 2009 by Steve Cooklin, the business acquires or funds insolvency-related claims for unpaid creditors of bankrupt companies.
These can involve the recovery of directors’ unpaid loans, breach of contract, negligence, illegal dividends and wrongful trading.
Revenues in the year to March were £10.6mln, with after-tax profits of £3.26mln.
By end September 2018, Manolete had invested in 249 cases, generating gross recoveries on the 173 completed cases of £27.9mln.
The average case duration is less than 12 months.
Cooklin said: “Our total case ROI [return on investment] exceeds 200%, delivering returns to Insolvency Practitioners that are often transformational to creditor recoveries.”