PURE Business Group agrees new eight-figure funding line with Sandfield Capital.
LONDON – PURE Business Group (PURE), the multi-discipline legal services business, has today announced a new £multi-million funding facility with Sandfield Capital. PURE, which currently handles over 12,000 new instructions each year, hopes that this move will dramatically accelerate its ability to develop record numbers of cases over the next few years.
The agreement is anticipated to deliver dominant market-share in the volume civil litigation space in PURE’s current six case verticals, plus extend then across four new areas of focus. Combined with planned increases in the coming months, PURE will target 30,000 new cases per year from 2022, whilst more than doubling turnover and profit.
Group CEO, Phil Hodgkinson commented: “Now in our seventh year of trading, I’m proud to say that our business continues to go from strength to strength. Despite the challenges of the global pandemic, we have remained profitable throughout, and continue to break case settlement records month on month. Aside from fuelling a transformational growth in case volumes, the new funding agreement allows us to launch innovative new products and enter new markets, too. The future is incredibly exciting for this business and our colleagues within it.”
Sandfield Capital CEO, Steven D’Ambrosio said: “We are delighted to support PURE in its future. Having run an initial pilot with them from January this year, we have already seen 25% of the total funded book come to settlement resolution. Based upon current data, we will see 100% settlement of the pilot scheme cases within a further six months. That has given us the confidence to extend the facility to a significant eight-figure sum, enabling PURE to increase new case volumes significantly and pursue those cases aggressively on behalf of clients.”
FOR MORE INFORMATION CONTACT
Jamie White // Overture London // Email: [email protected] // Tel: +44(0)203 817 8383
NOTE TO EDITORS //
PURE Business Group was created to provide a unique, innovative and collaborative solution to the civil litigation legal sector. Founded in early 2015 by Phil Hodgkinson and bringing thirty years’ experience within the insurance and legal sector, the group employs in excess of 450 staff in four UK locations. The group comprises a number of complimentary companies, including an ABS-structured barristers chambers and law firm, a technology business, a specialist vetting business, a claims-handling business and multiple marketing brands. Its unique model centres around non-recourse CCA disbursement loans to customers, which are fully insured by a large panel of A-Rated Insurers and Re-Insurers. This model allows us to concentrate its own cash flow on business growth and taking on new cases. It can also litigate in volume, without constraint, against any defendants who refuse to come to the table and settle valid cases in a reasonable and timely manner.
Sandfield Capital has been designed to support individuals pursuing legal claims and facilitate their access to justice. It was launched in 2020 by Steven D’Ambrosio, a former Finance Director at Close Brothers Premium Finance, who has conceived and built a number of highly-successful ventures in the financial and legal sectors and remains extremely passionate about creating and tailoring funding solutions. Sandfield works directly with accredited legal firms to ensure that all clients achieve the best possible outcome, complimented by straight forward, innovative products that support their legal cases.