Ratio Money closes doors

CLAIMS management firm Ratio Money, which was publicly fronted by soap star Michael Le Vell, has closed its offices, although it is yet to file for administration.

The Altrincham-based company set up in 2007 by owner Matthew Porteus to win back consumer bank charges later moved into credit agreements, charging an upfront fee of £295 for taking on cases.

Michael Le Vell, who plays Kevin Webster in soap Coronation Street, became a director of the company last year and holds a 25% stake. Documents filed at Companies House show he resigned as a director on March 19.

Sister recruitment company Ratio Search has also closed its offices.

It is understood that no administrators have yet been appointed – Leonard Curtis has denied reports that it has been appointed to the companies.

Ratio Money is understood to have suffered financial problems as a result of a dispute with a firm of solicitors.

The closure follows the news that Manchester-based Cartel Client Review had its licence suspended the Claims Management Regulator, part of the Ministry of Justice, preventing from carry out its claims management services.

The suspension followed customer complaints about the £10m turnover firm, which although unable to trade, has not entered administration.

The developments add to growing concerns that claims firms which charge fees in advance are less concerned about whether or not the cases they take on for consumers have a real chance of winning and that ultimately, such companies will find themselves in financial trouble.

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