Anexo Group has increased its credit facilities and increased litigation funding in its “VW Emissions” legal case.
The Liverpool-based specialist integrated legal and leasing services provider, with offices in Bolton and Leeds, updated the market this morning in a pre-closing statement for the financial year ending December 31, 2021, before publication of its final results in May. 11.
It said it had increased its overall debt facilities to a total of £40m.
It reports new credit facilities of £7.5 million from a new lender on regular commercial terms. In addition, the funding facility provided by Secure Trust Bank is increased by £7.5m through three quarterly increases of £2.5m.
The group has also secured an additional £3million in funding to support investment in other diesel emissions class action lawsuits. He said he expects a court hearing for the class action to take place in January 2023.
Bond Turner’s Legal Division’s Housing Disrepair team has resolved 850 cases since its inception on December 7, 2021, with another 1,800 currently being handled. The reopening of the court system means that litigants have been able to increase case settlements and cash collections, with cash collections currently at record highs.
Anexo also said the number of its vehicles in circulation in its credit leasing division, EDGE, has been reduced to 1,955, as part of a targeted approach.
Executive Chairman Alan Sellers said, “We are pleased to report that Anexo continues to operate in line with management’s expectations.
“Overall, we have seen improvement in all areas of business and our focused approach has helped focus on quality claims, high success rates and high service levels for our customers.
“Collections continue to improve steadily. We look forward to further updating shareholders on our final results in May. »