Fledgling scam recovery law firm sees revenues soar by 600%
Specialist law firm, Wealth Recovery Solicitors (WRS ETL), has achieved year-on-year growth of 600%.
Preliminary accounts for Manchester-based WRS ETL, which was founded in spring 2021, show it achieved turnover of approximately £3m in the year to December 31, 2023, up from £500,000 the previous year.
During the same period the firm recovered around £10m for victims of negligently and fraudulently sold traditional and cryptocurrency investment schemes.
The firm has doubled its staffing levels to 15 over the past 12 months. In January 2024, it moved into new offices at 3 Hardman Square in Manchester’s Spinningfields business district.
The company was founded by solicitor Josh Chinn and property developer and former Class of 1993 Manchester United footballer, Richard Irving.
In December 2021, it took on a minority investment from the full-service commercial law firm Glaisyers ETL, bringing it into the ETL GLOBAL network which employs more than 18,000 professionals across more than 50 countries.
The firm has enjoyed notable recent successes on behalf of clients, in some cases recovering more than 100% of the face value of their losses, by seeking redress from banks that negligently authorised payments without adequate checks.
It says it is a leader in the field of cryptocurrency tracing, deploying software more commonly used by law enforcement agencies like the FBI to establish ownership of crypto assets and provide unequivocal confirmation that crypto assets have been misappropriated.
WRS ETL is currently working on behalf of around 180 victims of the highly publicised HyperVerse crypto scheme. It has recovered funds on behalf of a number of investors in this scheme over the past month and has current HyperVerse-related instructions worth £6m.
Josh Chinn said: “Three years ago Richard and I founded Wealth Recovery Solicitors to help a growing number of victims of unscrupulous investment brokers based in Cyprus.
“We were always ambitious, and knew there was a huge opportunity for a well run, professional, forward-looking firm like ours, but if you had told us that within three years we would be based in Spinningfields as part of a team of 15 with turnover of £3m and counting, I doubt we would have believed you.”
He added: “I would like to thank all of the clients who have put their trust in us over the past three years. The current HyperVerse scandal is, sadly, just one of many schemes that have taken investors in and left them facing massive losses.”
