Manolete Partners Joins Battle With Silverstone
London: Manolete Partners Plc (“Manolete”), the UK’s leading insolvency litigation investment company, today announced that it had purchased all claims from Silverstone Hospitality Limited against Silverstone Circuits Limited and its related companies.
Silverstone Hospitality Limited was forced into Administration on 23 December 2014 following the sudden termination of its six-year contract by Silverstone Circuits Limited. Manolete has now purchased all claims against Silverstone Circuits following the breakdown of settlement discussions instigated by the Administrator of Silverstone Hospitality Limited. Manolete now intends to launch formal legal proceedings through the High Court within the next three weeks. The large majority of the proceeds from the claims will be returned to the creditors and shareholders of Silverstone Hospitality.
Manolete Partners is the largest specialist insolvency litigation firm in the UK, led by former HSBC Investment Banker, Steven Cooklin. It currently has over 100 insolvency litigation claims ongoing in the UK. In the recent past, Manolete has pursued successful claims against Network Rail, Hastings Borough Council, large insurance companies and global hotel groups. Manolete has never lost a single case in its five-year history.
Manolete is financed by the prominent private investor Jon Moulton and New York based Burford Capital Plc (the largest litigation funding company in the world with litigation investment funds of over $500m) is also a shareholder in Manolete.
Steven Cooklin, CEO of Manolete, commented: “There is a very strong claim for repudiatory breach of contract against Silverstone Circuits. The Administrators have given Silverstone Circuits an opportunity to settle the matter but those efforts have come to nothing. Silverstone Hospitality has been forced into an unwarranted insolvency and the company now simply does not have any funds available to pursue its wholly meritorious claim. Manolete Partners exists to give such companies access to the British justice system. We are left with no choice but to issue the claim through the Courts.”
Steven Saunders, former CEO and Proprietor of Silverstone Hospitality, said: “I am delighted and relieved to be supported by Manolete Partners. We had successfully looked after Silverstone and Formula 1 clients for over eight years.”