North West Fund pumps £1m into claims manager

A COMPANY run by former Debtmatters chief executive Ges Ratcliffe has secured £1m from the North West Fund.

Bolton-based UK Finance Online, which trades as Money Health Check and offers claims handling services for PPI mis-selling cases, has secured the money as mezzanine finance from the Development Capital pot of the North West Fund, which is managed by YFM Equity Partners.

YFM Equity Partners said the investment was the sixth it has made since the fund was launched in 2011.

UK Finance Online was set up in 2002 and bought by Mr Radcliffe and his business partner James Dean in 2007.

Both men have worked together in previous firms, including Bolton-based Debtmatters which went through two administrations before its business and assets were eventually sold off to competitor firm Harrington Brooks 12 months ago.

UKFOL buys pre-qualified leads which it then processes as a formal claim and negotiates with PPI providers to obtain refunds.

To date, the firm said it has successfully reclaimed more than £19m from banks on behalf of customers.

Mr Ratcliffe said: “This £1m investment from the North West Fund for Development Capital will enable us to accelerate the growth of our business and employ additional staff to handle quickly and professionally the large number of claims for PPI.”

YFM Equity Partners’ investment director Deborah Heyes says: “Ges and James lead a strong team at UKFOL and are well experienced in growing financial services businesses.

“We are very impressed with their robust systems and strong customer service ethics. We look forward to helping them grow UKFOL into a leading player in the claims management market”.  

UKFOL was advised on the deal by Baker Tilly and Turner Parkinson. YFM Equity Partners was advised by PKF and Brabners Chaffe Street.